Aker (AKER) Q3 2025 earnings summary

Executive summary

• Net asset value rose to NOK 67.5 billion (NOK 909/share), with share price up 19.5% in Q3 2025 and total shareholder return close to 50% year-to-date, including dividends, outperforming the OSEBX index.

• Portfolio simplification and focus on fewer, larger companies, with new growth in AI infrastructure, industrial software, and real estate.

• Second dividend of NOK 26.5/share approved, totaling NOK 53/share for the year, with NOK 2.0 billion to be paid in Q4 2025.

• Major developments include Aker Enscale/Nscale JV for AI data centers, expansion in real estate, and strong performance from Aker BP and Cognite.

Financial highlights

• Listed equity investments valued at NOK 55 billion (72% of total assets), with gross asset value at NOK 76.8 billion and NAV per share at NOK 909.

• Unlisted equity investments at NOK 13 billion (17% of assets), up NOK 0.7 billion mainly from Aker Holdco merger.

• Net interest-bearing debt at NOK 1.7 billion, with a liquidity reserve of NOK 7.8 billion, including NOK 1.3 billion in cash and liquid funds.

• Profit before tax for the quarter was NOK 1.4 billion; dividend income for Q3 2025 was NOK 2.3 billion.

• Equity ratio improved to 74.8% (fair value adjusted); value-adjusted equity ratio at 88%.

Outlook and guidance

• Continued focus on portfolio simplification, active ownership, and investment in AI infrastructure, industrial software, and real estate.

• Raised 2025 production guidance for Aker BP, with continued progress on key growth projects and exploration success.

• Ongoing commitment to long-term value creation, financial flexibility, and strategic progress.

• No specific timeline for Cognite IPO; high investor interest and optionality remain.

• No plans to IPO Aker Enscale/Nscale JV directly; potential for increased shareholding via future IPO.