North Energy (NORTH) Q2 2025 earnings summary

Executive summary

• Net asset value (NAV) at quarter-end was NOK 589.0 million, up 6.2% from last quarter and 3.0% year-over-year, adjusted for dividends paid.

• Comprehensive income for Q2 2025 was NOK 8.0 million, reversing a NOK 1.7 million loss in Q2 2024, mainly due to improved financial portfolio results.

• Dividend of NOK 0.15 per share (NOK 17.6 million total) distributed in line with policy; received NOK 21.3 million dividend from Reach Subsea.

Financial highlights

• Operating profit for Q2 2025 was NOK 6.2 million, compared to a loss of NOK 2.8 million in Q2 2024.

• Total assets at quarter-end were NOK 418.7 million, up from NOK 334.8 million a year earlier.

• Cash position increased to NOK 108.9 million from NOK 2.2 million year-over-year.

• Equity ratio at quarter-end was 83.3%, down from 95.8% a year earlier.

• Net result from investments in associates was NOK 8.2 million, down from NOK 14.9 million in Q2 2024.

Outlook and guidance

• Market volatility and a rebound in global financial markets characterized Q2 2025; cautious optimism for H2 2025 amid persistent risks.

• Inflation expected to fall in major economies, with some central banks cutting rates.

• Energy demand projected to rise, driven by datacenter growth and new technologies.

• Company will pursue disciplined, opportunistic investments aligned with long-term return objectives.