Aker ASA Q1 2025 presentation: NAV rises to NOK 61.9bn amid strategic consolidation

Introduction & Market Context

Aker ASA presented its first quarter 2025 results on May 9, highlighting a period of strategic consolidation and solid financial performance despite ongoing market volatility and geopolitical uncertainty. The Norwegian industrial investment company continues to position itself around key global themes including energy, digitalization, and sustainable proteins.

The company emphasized its resilience in the current market environment, pointing to its healthy balance sheet, well-capitalized portfolio companies, and limited direct exposure to trade policy changes. This approach appears to be paying off, with significant NAV growth and share price appreciation during the quarter.

Quarterly Performance Highlights

Aker reported a Net Asset Value (NAV) of NOK 61.9 billion for Q1 2025, up from NOK 58.2 billion in the previous quarter. This growth was accompanied by a 13.3% increase in share price during the quarter, reaching NOK 622.0.

As shown in the following chart of key quarterly metrics:

The company announced a dividend of NOK 26.50 per share to be paid after quarter end, with the possibility of an additional dividend in the second half of 2025. This continues Aker’s strong track record of shareholder returns, with accumulated dividends of more than NOK 25 billion paid since the company’s re-listing in 2004.

The dividend history and policy are illustrated in this chart:

Aker’s portfolio composition remains diversified across listed and unlisted investments, with approximately 70% of its Gross Asset Value (GAV) in listed assets and cash. The portfolio breakdown shows Aker BP (NYSE:BP) as the largest holding at NOK 33,373 million, followed by Cognite (NOK 6,684 million) and Aker Solutions (NOK 6,540 million).

The complete portfolio composition is detailed here:

Strategic Transactions

A significant focus of the presentation was Aker’s announcement of two major transactions involving Aker Horizons and Aker Carbon Capture, aimed at consolidating ownership and addressing refinancing needs.

The Aker Horizons merger will see Aker Capital subsidiary merge with Aker Horizons Holding, with Aker Horizons ASA shareholders receiving cash and shares in Aker ASA. As part of this transaction, Aker Horizons will redeem its NOK 2.5 billion green bond to reduce interest costs. Bondholders in the NOK 1.6 billion convertible bond will be offered redemption at 93% of par value, though Aker Capital, which holds NOK 1.3 billion of this debt, will not redeem it.

For Aker Carbon Capture, Aker will acquire ACC (NSE:ACC)’s 20% ownership in the joint venture with SLB (SLB Capturi) and will guarantee ACC’s parent company guarantees and liabilities towards SLB. The company indicated that all cash will be distributed to ACC shareholders, except for a small amount reserved for costs.

Portfolio Performance

Among Aker’s portfolio companies, Cognite stood out with impressive growth in its Annual Recurring Revenue (ARR), which increased by 37% from Q1 2024 to Q1 2025. The industrial software company is expanding globally, having opened its first office in India with a new Center of Excellence in Bengaluru and establishing a new headquarters in Phoenix, USA.

The following chart illustrates Cognite’s ARR growth trajectory:

Aker’s overall investment strategy continues to focus on attractive long-term global themes, with its portfolio spread across energy (Aker BP, Aker Solutions, Aker Horizons), digitalization (Cognite), sustainable proteins (Aker BioMarine), and managed assets (Industry Capital Partners (WA:CPAP) and Aker Property Group).

The company’s financial investments, which represent 18% of its Gross Asset Value, totaled NOK 12.7 billion in Q1 2025. This includes cash (NOK 1.0 billion), listed financial investments (NOK 2.3 billion), real estate (NOK 2.1 billion), and other financial investments (NOK 7.8 billion).

The financial investments overview is presented here:

Financial Position and Outlook

Aker maintains a robust financial position with a liquidity reserve of NOK 9.3 billion and a low loan-to-value ratio of 8%. The company’s net interest-bearing debt stands at NOK 0.8 billion, and it holds an investment grade credit rating of BBB- with a stable outlook from Scope Ratings.

The company’s solid financial metrics are highlighted in this chart:

Notably, Aker has no debt maturities in 2025-2026, with an average debt maturity of 3.7 years. The debt maturity profile shows the next significant maturities occurring in 2027 and beyond, providing financial flexibility in the near term.

The asset base of NOK 69 billion is diversified across sectors, with oil and gas representing 49% of the Gross Asset Value, followed by software (11%), and renewables and green tech (6%).

This sector composition is illustrated in the following chart:

Looking ahead, Aker appears well-positioned to navigate market uncertainties while continuing to focus on cash-yielding investments and strategic portfolio optimization. The company’s emphasis on resilience, combined with its exposure to growing sectors like industrial software through Cognite, suggests a balanced approach to both traditional and emerging market opportunities.

Full presentation:

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