Aker (AKER) Q2 2024 earnings summary

Executive summary

• Net Asset Value (NAV) increased to NOK 63.9 billion in Q2 2024, up from NOK 60.4 billion in Q1, with NAV per share at NOK 860.

• Dividend of NOK 15.5 per share paid in Q2/H1 2024, totaling NOK 1.15–1.2 billion distributed to shareholders, with further distributions authorized.

• Portfolio streamlining continued, focusing on larger, cash-yielding investments and major transactions: Aker Carbon Capture JV with SLB, Philly Shipyard sale, Akastor arbitration settlement, and Aker BioMarine Feed Ingredients divestment.

• Aker BP delivered strong production, increased full-year guidance, and contributed NOK 1.7 billion in dividends.

• Aker Solutions and Cognite reported high activity, growth, and record order intake.

Financial highlights

• Gross Asset Value (GAV) rose to NOK 75.1 billion at Q2 2024, with 75–84% in listed/industrial holdings and 16% in financial investments and cash.

• Profit before tax for Q2 was NOK 2.3 billion; H1 2024 profit reached NOK 6.4 billion, driven by gains from discontinued operations.

• Book value of equity at NOK 24.1 billion, up NOK 2.3 billion due to profit before tax.

• Value-adjusted equity ratio at 85%; equity ratio improved to 68.4% sequentially.

• Total liquidity buffer at NOK 5.8 billion; net interest-bearing debt at NOK 5.2 billion.

Outlook and guidance

• Continued focus on larger, cash-yielding portfolio companies, with Aker BP raising full-year production guidance to 420–440 mboepd.

• Aker aims to reduce net interest-bearing debt towards 2027 and maintain investment grade credit rating.

• Solstad Maritime intends to initiate quarterly dividends from Q3 2024 and aims for a listing within 12 months.

• Aker Solutions raised full-year revenue growth guidance to 40% over 2023.

• Long-term positive trends expected in energy security, digitalization, and sustainable nutrition.