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Aker (AKER) investor relations material

Aker Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

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.

Nscale's US expansion and Aker's ownership
Cognite's non-O&G revenue growth drivers
Real estate's impact on portfolio resilience
Nscale's immediate priorities and long-term roadmap?
Cognite's path to IPO or future ownership structure?
Is Aker's portfolio rebalancing largely complete?
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Frequently asked questions

Aker ASA is an industrial investment company that operates internationally in the oil, gas, engineering and construction industries. The Company operates through three segments: Oil & Gas, Construction and Services. The Oil & Gas segment engages in petroleum production and exploration activities; delivery of subsea projects; development of renewable energy projects; onshore drilling activities; and well plugging operations. The company is based in Lysaker, Norway.

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