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Aker Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Net asset value (NAV) increased to NOK 67.5 billion (NOK 909/share) in Q3 2025, up from NOK 66.5 billion in Q2, with share price up 19.5% in the quarter and nearly 50% year-to-date, outperforming the OSEBX index.
Portfolio simplification and focus on fewer, larger, cash-generative companies, with new growth in AI infrastructure, industrial software, and real estate.
Second dividend of NOK 26.5/share approved for Q4 2025, totaling NOK 53/share (NOK 3.9–4 billion in total dividends for the year).
Strong contributions from core energy business, new platforms, and increased upstream dividends (NOK 5 billion received YTD).
Portfolio restructuring included the merger with Aker Horizons and new ventures in AI infrastructure.
Financial highlights
Listed equity investments valued at NOK 55 billion (72% of total/gross asset value), with unlisted equity at NOK 13 billion and liquidity reserve of NOK 7.8–8 billion.
NAV per share at NOK 909; share price at NOK 783 at quarter-end; GAV per share at NOK 1,034.
Net interest-bearing debt at NOK 1.7 billion, down from NOK 2 billion, with a loan-to-value ratio of 10%.
Profit before tax for the quarter was NOK 1.4 billion.
Dividend income for Q3 2025 was NOK 2.3 billion.
Outlook and guidance
Continued focus on portfolio simplification, active ownership, and investment in AI infrastructure, industrial software, and real estate.
Plans to increase leverage in the short term to support scalable growth in capital-intensive sectors, while maintaining investment-grade credit rating.
No specific timeline for Kognit IPO, but investor interest remains high.
SBB, PPI, and Sveafastigheter expected to remain key assets in real estate portfolio.
Ongoing commitment to financial flexibility, transparency, and long-term value creation.
Aker Nscale's growth strategy beyond Narvik?
Cognite's path to long-term value creation?
Aker's strategy for SBB's financial issues?
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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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