Aker (AKER) Q2 2025 earnings summary

Executive summary

• Net asset value increased to NOK 66.5 billion in Q2 2025, up from NOK 58.2 billion at end-2024, with a 24.1% total shareholder return in H1 2025, outperforming the market despite oil price declines.

• Over NOK 19 billion in dividends distributed to shareholders in the first half, including extraordinary and upstream dividends.

• Strategic focus shifted toward real estate, digital infrastructure, and industrial software, with expansion via Aker Property Group and scaling down green businesses.

• Portfolio simplification included the Aker Horizons merger, delisting and liquidation of AMSC and Philly Shipyard, and asset realignment.

• Cognite positioned as a key growth engine, driving industrial digitalization and AI transformation.

Financial highlights

• Listed equity investments comprised 72% of total assets, with value gains mainly from Solstad Maritime and Aker BP.

• Unlisted equity investments rose to NOK 13.3 billion, driven by real estate acquisitions and digital assets.

• Cash and other assets represented 11% of total assets; liquidity reserve at NOK 6.4 billion, including undrawn credit facilities.

• Profit before tax for H1 2025 was NOK 2.2 billion.

• Net interest-bearing debt at NOK 2.0-2.1 billion, with a low loan-to-value ratio of 11%.

Outlook and guidance

• Focused portfolio strategy in sectors with deep industrial knowledge, emphasizing energy, digitalization, sustainable proteins, and real estate.

• Aker Horizons merger expected to complete in Q3 2025, aiming for a more focused industrial platform.

• Disciplined capital allocation and risk management to navigate geopolitical tensions and market volatility.

• Committed to sustainability, responsible business practices, and integrating ESG into investment decisions.

• Active ownership model to drive competitiveness and growth in portfolio companies.