North Energy (NORTH) Q3 2025 earnings summary

Executive summary

• Net asset value (NAV) at quarter-end was NOK 569.1 million, down 3.4% from last quarter and 0.8% year-over-year, adjusted for dividends.

• Comprehensive loss of NOK 15.9 million in Q3 2025, compared to NOK 37.1 million income in Q3 2024, mainly due to lower financial portfolio valuation.

• Reach Subsea completed a NOK 500 million bond issue to fund newbuilds and general purposes; orders placed for two new uncrewed surface vessels.

• Wind Catching Systems (WCS) advanced its demonstrator project and is preparing for 2026 testing.

Financial highlights

• Operating profit was NOK -16.1 million in Q3 2025, down from NOK 35.8 million in Q3 2024.

• Operating expenses were NOK 5.7 million, with payroll at NOK 4.5 million and other expenses at NOK 0.8 million.

• Change in fair value of financial investments was NOK -13.3 million, compared to NOK 27.7 million last year.

• Net results from investments in associates were NOK 3.0 million, down from NOK 16.3 million.

• Cash at quarter-end was NOK 104.4 million, up from NOK 22.5 million a year ago.

Outlook and guidance

• Long-term energy demand remains strong, driven by data center growth and AI adoption.

• Oil services and offshore wind markets face short-term headwinds but are expected to normalize within 1-2 years.

• The company will continue disciplined, opportunistic expansion of its industrial portfolio.