Aker Horizons (AKH) Q4 2024 earnings summary

Executive summary

• ACC board proposed a NOK 3.5 billion dividend, providing NOK 1.5 billion liquidity inflow to support capital structure optimization and reflecting progress in renewables, decarbonization, and cost optimization initiatives.

• Significant industrial progress in carbon capture, renewable energy, and green ammonia projects, with Mainstream achieving commercial margin improvements and advancing construction on solar and wind projects in Chile and South Africa.

• SuperNode opened a cable technology center and is preparing for full-scale prototype testing in H1 2025, with a demonstration at National Grid Deeside later in the year.

• Asset Development signed a significant offtake term sheet for Narvik Green Ammonia and secured multiple powered land sites, including the Kvandal site (230 MW) in Northern Norway.

Financial highlights

• Consolidated net loss of NOK 657 million for Q4, improved from NOK 2.2 billion loss in Q3; Q4 2024 consolidated operating revenues were NOK 640 million, with EBITDA of NOK -88 million and net profit of NOK 12 million.

• ACC reported net profit of NOK 21 million; Aker Horizons' share is NOK 9 million.

• Mainstream's Andes platform delivered a positive commercial margin of EUR 30 million (NOK 350 million) in Q4.

• Mainstream Renewable Power posted Q4 2024 revenue of EUR 47 million, EBITDA of EUR -2 million, and net profit of EUR -58 million.

• Cost reductions in Mainstream reached EUR 34 million in 2024, with further savings targeted.

Outlook and guidance

• Mainstream targets a 65% reduction in overhead and payroll costs by 2026 compared to 2023, totaling over EUR 70 million in annual savings, with EUR 34 million reduction delivered in 2024.

• First South African solar PV plant (97.5 MW) expected to start commercial operations in Q2 2025; second project targets early 2026.

• Ckhúri wind farm in Chile remains on track for COD in the second half of 2025.

• SuperNode to complete full-scale prototype testing in H1 2025 and a demonstration later in the year.