Aker ASA Q2 2025 slides: NAV rises to NOK 66.5 billion amid strategic portfolio reshaping

Introduction & Market Context

Aker ASA presented its second quarter and half-year 2025 results on July 16, 2025, showcasing solid performance across its diversified portfolio despite mixed market conditions. The Norwegian industrial investment company reported significant growth in net asset value (NAV) and continued its substantial dividend distributions to shareholders while advancing strategic initiatives in real estate and digital sectors.

The company’s share price rose by 9.6% during the quarter, outperforming the Oslo Stock Exchange Benchmark Index (OSEBX), which increased by 6.9%, and demonstrating resilience against a 10.9% decline in Brent crude oil prices during the same period.

Quarterly Performance Highlights

Aker’s net asset value increased to NOK 66.5 billion in Q2 2025, up from NOK 61.9 billion in the previous quarter, representing a 7.4% growth. This continues the positive trajectory seen in Q1, when NAV had risen from NOK 58.2 billion at the end of 2024.

The company paid dividends totaling NOK 2 billion during the quarter, maintaining its commitment to shareholder returns. For the first half of 2025, Aker’s portfolio companies distributed more than NOK 19 billion in dividends, with Aker BP (NYSE:BP) contributing NOK 8.6 billion and Aker Carbon Capture providing NOK 5.2 billion.

As shown in the following chart of dividend distributions across Aker’s portfolio companies:

Strategic Initiatives

Aker is actively expanding its real estate investments through Aker Property Group, which has established significant positions in SBB and Public Property Invest (PPI). In SBB, Aker Property Group is now the largest shareholder with 8.63% share capital and 28.76% voting rights, giving it exposure to a property portfolio valued at over NOK 95 billion. The company has also secured a 24.58% stake in Public Property Invest, becoming its second-largest shareholder, with access to approximately NOK 15 billion in property value primarily across Norway.

The following image illustrates Aker’s strategic expansion in real estate:

Simultaneously, Aker is consolidating and simplifying its ownership structure, particularly through Aker Horizons. The company acquired a 20% ownership stake in SLB Capturi and distributed significant value to shareholders, including NOK 1.7 billion to Aker Carbon Capture shareholders in Q2, on top of NOK 3.5 billion distributed in Q1.

Another key strategic development was the successful listing of Solstad Maritime on Euronext (EPA:ENX) Oslo in May 2025, expanding Aker’s portfolio of publicly traded assets.

In the digital sector, Cognite continues to demonstrate strong growth with revenue increasing by 32% year-over-year in Q2 2025. Annual Recurring Revenue (ARR) also grew by 32%, while user adoption surged by 136%, indicating accelerating market penetration for Aker’s industrial software platform.

The company’s digital growth trajectory is illustrated in the following chart:

Detailed Financial Analysis

Aker’s portfolio is strategically diversified across four long-term global themes: energy, digitalization, sustainable proteins, and managed assets. This diversification provides resilience against market volatility and positions the company to capitalize on multiple growth sectors.

The company’s investment portfolio is structured as follows:

Listed equity investments constitute the largest portion of Aker’s portfolio at NOK 55 billion, representing 72% of total assets. Key holdings include Aker BP (valued at NOK 34.5 billion), Aker Solutions (NOK 6.8 billion), and Solstad Maritime (NOK 5.8 billion). During Q2, Aker received dividends of NOK 0.9 billion from Aker BP, NOK 0.6 billion from Aker Solutions, and NOK 0.2 billion from Solstad Maritime.

The composition of listed equity investments is detailed below:

Unlisted equity investments amount to NOK 13 billion, or 17% of total assets. Cognite represents the largest unlisted holding at NOK 6.7 billion, followed by Aker Property Group at NOK 2.5 billion and Aker Qrill Company at NOK 1.6 billion.

The breakdown of unlisted investments is shown here:

Aker maintains a robust financial position with a liquidity reserve of NOK 6.4 billion and net interest-bearing debt of just NOK 2.0 billion. The company holds an Investment Grade Rating of BBB- and maintains a low loan-to-value ratio of 11%, providing significant financial flexibility for future investments and strategic initiatives.

The company’s financial strength is illustrated in the following overview:

Aker’s prudent debt management is evident in its maturity profile, with no debt maturing in 2025-2026 and an average debt maturity of 3.3 years. This provides stability and reduces refinancing risk in the near term.

Forward-Looking Statements

Looking ahead, Aker continues to focus on its four strategic investment themes while maintaining financial discipline. The company’s portfolio reshaping efforts aim to create a more focused industrial platform with emphasis on cash-generative holdings.

The Net Asset Value development from Q1 to Q2 2025 shows positive contributions from key holdings, particularly Aker BP, Aker Solutions, and Aker Property Group:

Aker’s strategy involves balancing traditional energy investments with growth in emerging sectors like industrial software, sustainable proteins, and real estate. The company’s strong liquidity position and low debt levels provide flexibility to pursue strategic opportunities while continuing to deliver substantial shareholder returns through dividends.

With approximately 72% of its gross asset value in listed assets and cash, Aker maintains significant portfolio transparency and liquidity, positioning it well to navigate market volatility while pursuing long-term value creation across its diversified holdings.

Full presentation:

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