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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.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.
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