Aker (AKER) Q1 2025 earnings summary

Executive summary

• Net Asset Value (NAV) rose to NOK 61.9 billion at Q1 2025 end, up from NOK 58.2 billion at 2024 year-end, with share price up 13% in the quarter and per-share NAV at NOK 834.

• Major restructuring announced: Aker Horizons to merge with Aker ASA, shareholders to receive Aker ASA shares and cash; Aker Carbon Capture's JV stake with SLB acquired by Aker for cash, unlocking NOK 4.1 billion in value.

• Dividend policy maintained at 4%-6% of NAV, with NOK 26.5/share approved for H1 2025 and potential for additional dividend in 2H 2025.

• Portfolio strategy emphasizes fewer, larger, cash-generative holdings, with focus on energy transition, digitalization, and AI infrastructure.

• Aker Horizons faced significant losses and underperformance, while Aker Carbon Capture and Cognite delivered strong growth and capital returns.

Financial highlights

• NAV at NOK 61.9 billion; gross asset value NOK 68.7-69 billion; net interest-bearing debt NOK 0.8 billion; loan-to-value ratio 8%.

• Dividend income in Q1: NOK 1.7 billion, with major contributions from Aker BP, Philly Shipyard, Solstad Maritime, and AMSC.

• Total liquidity buffer: NOK 9.3 billion, including undrawn credit facilities and liquid funds.

• Share price at quarter-end NOK 622, market cap NOK 46 billion, outperforming OSEBX and Brent.

• Dividend track record exceeds NOK 25 billion since 2004, with 10% annual NAV growth including dividends.

Outlook and guidance

• Dividend policy reaffirmed at 4%-6% of NAV, with NOK 26.5/share approved and potential for NOK 53/share in 2025.

• Focus on developing existing assets, rebuilding shareholder value, and more focused capital deployment.

• Continued development of industrial and AI infrastructure projects, especially in Northern Norway.

• Anticipates continued volatility due to geopolitical and economic shifts, with scenario-based planning prioritized.

• Expects growth opportunities in Norwegian energy, renewables, and AI infrastructure.