Aker Horizons (AKH) Q1 2025 earnings summary

Executive summary

• ACC declared a NOK 3.5 billion dividend, with NOK 1.26 billion received in March and NOK 0.26 billion in May, boosting liquidity and reducing net capital employed.

• Mainstream exited Colombia by selling a 675 MW portfolio, is focusing on core markets like South Africa and Australia, and completed refinancing to secure growth funding.

• Mainstream appointed Morten Henriksen as CEO, relocated HQ to Oslo, and is implementing a cost reduction program targeting a 65% reduction by 2026.

• SuperNode achieved a milestone with successful full-scale superconducting cable prototype testing and plans a demo in mid-2025.

• Exploring data center opportunities in Norway with Nordkraft; Narvik Green Ammonia project is on hold pending grid capacity feedback.

Financial highlights

• Q1 consolidated operating revenues were NOK 643 million, up from NOK 639 million in Q4; EBITDA loss was NOK 161 million, and net loss improved to NOK 186 million from NOK 656 million in Q4.

• ACC posted a net profit of NOK 79 million, with Aker Horizons' share at NOK 34 million.

• Mainstream's Andes Renovables platform delivered a commercial margin of EUR 14.5–15 million, with revenue of NOK 631 million; Mainstream's net loss was EUR 44 million.

• Net interest-bearing debt at NOK 2,587 million as of March 31, 2025; book value of net interest-bearing debt decreased from NOK 3.6 billion to just below NOK 2.6 billion during Q1.

• Cash and undrawn revolving credit facility totaled NOK 5,707 million at quarter-end; cash position at NOK 4.1 billion.

Outlook and guidance

• Mainstream targets financial close on 350 MW of South African projects within 18 months and continues to advance Australian wind projects.

• Mainstream is accelerating exits from offshore wind assets due to sector challenges.

• Narvik Green Ammonia project timeline to be revisited pending grid application outcome; project is on hold.

• Minimal Tariff Stabilization Law adjustments expected in Chile for 2025.

• SuperNode plans a demo of its superconducting system with 30 meters transmission distance in mid-2025.