North Energy (NORTH) Q4 2025 earnings summary

Executive summary

• Net Asset Value (NAV) at quarter-end was NOK 515.0 million, down 9.5% from last quarter and 11.7% year-over-year, adjusted for dividends paid.

• Comprehensive loss for Q4 2025 was NOK 23.0 million, compared to NOK 9.6 million income in Q4 2024, mainly due to lower financial portfolio valuation and negative industrial investment results.

• Full-year 2025 comprehensive loss was NOK 40.2 million, an improvement from NOK 58.1 million loss in 2024.

Financial highlights

• Operating profit for Q4 2025 was NOK -25.2 million, down from NOK 8.1 million in Q4 2024.

• Changes in fair value of financial investments were negative NOK 9.7 million in Q4 and negative NOK 16.1 million for the year, mainly due to market decline in Fugro NV.

• Net results from investments in associates were NOK 10.9 million in Q4 and negative NOK 1.2 million for the year.

• Payroll and related expenses increased to NOK 22.8 million in 2025, mainly due to salary adjustments, bonuses, and board fees.

• Cash at year-end was NOK 101.1 million, stable year-over-year.

Outlook and guidance

• Order intake for Reach Subsea increased in Q4, with backlog returning to year-ago levels and outstanding tender value rising to NOK 10 billion.

• Tendering activity for 2026 and beyond has picked up, with a focus on scaling remote operations and expanding in high-growth subsea sectors.

• The company maintains a shareholder remuneration policy of distributing approximately 3% of NAV annually, primarily via dividends.