Aker (AKER) Q1 2026 earnings summary

Executive summary

• Net asset value increased by NOK 43 billion in Q1 2026, reaching up to NOK 110 billion, with share price up 39%, driven by Aker BP and Nscale's revaluation and portfolio developments.

• Nscale became the second-largest asset after a $2.1 billion Series C raise, valued at NOK 32 billion, with Aker investing $350 million and rolling up its JV stake.

• Listed energy assets contributed NOK 22 billion to NAV, with Aker BP accounting for NOK 15 billion.

• Dividend of NOK 29 per share paid in May 2026, with authorization for additional distributions later in the year.

• Akastor listed HMH on Nasdaq, raising $210 million, and Aker Solutions monetized its SLB stake, distributing NOK 4.2 billion in dividends post-quarter.

Financial highlights

• Listed equity investments valued at NOK 77 billion (62% of total assets), up NOK 20 billion from prior quarter.

• Unlisted equity investments at NOK 45 billion (36% of assets), up NOK 25.5 billion, mainly due to Nscale.

• Liquidity reserve of NOK 5.6 billion, including NOK 0.8 billion in cash and liquid funds.

• Book value of investments at NOK 54.9 billion, up NOK 19.4 billion sequentially.

• Profit before tax reached NOK 16.4 billion for the quarter.

Outlook and guidance

• AI and energy are seen as key growth drivers, with a focus on global themes: energy, digitalization & AI, real estate, and health & nutrition.

• Nscale expected to diversify its contract portfolio beyond Microsoft, targeting higher-margin clients as it grows.

• Well-positioned for long-term value creation with a simplified, diversified portfolio and active ownership.

• Oil market dynamics, including the Hormuz crisis, are expected to support oil prices and cash flows into 2027.