Aker (AKER) Q4 2025 earnings summary

Executive summary

• Net asset value (NAV) closed at NOK 67.3 billion in Q4 2025, up 22.4% year-over-year, including NOK 3.9 billion in dividends paid.

• Total shareholder return reached 49.5% in 2025, significantly outperforming the OSEBX index.

• Portfolio became more focused and diversified, with scale in fewer platforms and increased exposure to real estate, AI infrastructure, and industrial software.

• Board proposes a 2026 dividend of NOK 29 per share, with authorization for an additional dividend later in the year.

• Dividend income for 2025 was NOK 6 billion, with NOK 2.0 billion paid in Q4.

Financial highlights

• Listed equity investments valued at NOK 57 billion (72% of total assets), up 28% year-over-year, driven by real estate and core industrial holdings.

• Unlisted equity investments at NOK 20 billion (25% of assets), up NOK 6.2 billion sequentially, mainly from AI infrastructure investments.

• Gross asset value (GAV) at NOK 79 billion; NAV per share at 905kr, share price at 768kr (15% discount to NAV).

• Liquidity reserve of NOK 6 billion, including NOK 0.9 billion in cash and liquid funds.

• Profit before tax for Q4 was NOK 659 million.

Outlook and guidance

• Focus remains on disciplined ownership, operational delivery, and building companies that can compete in a complex environment.

• Portfolio positioned for long-term structural demand, with continued diversification and resilience.

• Execution and high-quality operations are key priorities for new growth platforms, especially Nscale.

• Aker BP aims to maintain ~500 mboepd production into the 2030s, with projects on schedule for 2027 start-up.