Aker (AKER) Q3 2025 earnings summary

Executive summary

• Net asset value (NAV) increased to NOK 67.5 billion (NOK 909/share) in Q3 2025, up from NOK 66.5 billion in Q2, with share price up 19.5% in the quarter and nearly 50% year-to-date, outperforming the OSEBX index.

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

• Second dividend of NOK 26.5/share approved for Q4 2025, totaling NOK 53/share (NOK 3.9–4 billion in total dividends for the year).

• Strong contributions from core energy business, new platforms, and increased upstream dividends (NOK 5 billion received YTD).

• Portfolio restructuring included the merger with Aker Horizons and new ventures in AI infrastructure.

Financial highlights

• Listed equity investments valued at NOK 55 billion (72% of total/gross asset value), with unlisted equity at NOK 13 billion and liquidity reserve of NOK 7.8–8 billion.

• NAV per share at NOK 909; share price at NOK 783 at quarter-end; GAV per share at NOK 1,034.

• Net interest-bearing debt at NOK 1.7 billion, down from NOK 2 billion, with a loan-to-value ratio of 10%.

• Profit before tax for the quarter was NOK 1.4 billion.

• Dividend income for Q3 2025 was NOK 2.3 billion.

Outlook and guidance

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

• Plans to increase leverage in the short term to support scalable growth in capital-intensive sectors, while maintaining investment-grade credit rating.

• No specific timeline for Kognit IPO, but investor interest remains high.

• SBB, PPI, and Sveafastigheter expected to remain key assets in real estate portfolio.

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