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Introduction & Market Context
Aker ASA (OB:AKER) presented its second quarter and half-year 2025 results on July 16, highlighting solid financial performance despite challenging market conditions. The Norwegian industrial investment company reported a 9.6% increase in share price including dividends during the quarter, outperforming the Oslo Stock Exchange Benchmark Index (OSEBX), which rose 6.9%, and contrasting with a 10.9% decline in Brent oil prices.
The company continues to focus on four key investment areas: energy, digitalization, sustainable proteins, and managed assets, with an increasing emphasis on real estate investments and industrial software.
As shown in the following summary of key developments from Q2 2025:
Quarterly Performance Highlights
Aker’s Net Asset Value (NAV) increased to NOK 66.5 billion in Q2 2025, up from NOK 61.9 billion in the previous quarter. This growth was primarily driven by positive value changes in key portfolio companies, particularly Solstad Maritime and Aker BP.
The company maintained its strong dividend policy, with NOK 2 billion paid out to shareholders during the quarter. Notably, Aker and its subsidiaries distributed more than NOK 19 billion in dividends during the first half of 2025, demonstrating the company’s commitment to shareholder returns.
The following chart illustrates the breakdown of dividends paid by Aker and its subsidiaries in the first half of 2025:
Aker’s listed equity investments, valued at NOK 55 billion, represent 72% of the company’s total assets. The portfolio is dominated by Aker BP (NOK 34.5 billion), followed by Aker Solutions (NOK 6.8 billion) and Solstad Maritime (NOK 5.8 billion).
The detailed breakdown of listed investments shows the quarter-by-quarter development:
Unlisted equity investments totaled NOK 13 billion, accounting for 17% of total assets. Cognite, Aker’s industrial software company, represents the largest unlisted asset at NOK 6.7 billion, followed by Aker Property Group at NOK 2.5 billion.
The following slide details the composition and growth of unlisted investments:
Strategic Initiatives
Aker is actively consolidating and simplifying its ownership structure. A key element of this strategy is the merger of Aker Horizons into Aker, expected to be completed in Q3 2025. The company also acquired Aker Carbon Capture’s 20% ownership in SLB Capturi for NOK 635 million.
The company is significantly expanding its real estate investments through Aker Property Group, which has become the largest shareholder in SBB (Samhällsbyggnadsbolaget) with 8.63% of share capital and 28.76% of voting rights. Additionally, Aker Property Group holds a 24.58% stake in Public Property Invest, making it the second-largest shareholder. These investments give Aker exposure to properties worth over NOK 100 billion.
As illustrated in the real estate investment strategy:
Aker is also positioning itself strongly in the industrial AI space through Cognite, which has demonstrated impressive growth with a 32% increase in Annual Recurring Revenue (ARR) and 136% growth in user adoption from Q2 2024 to Q2 2025.
The following chart shows Cognite’s growth trajectory:
Detailed Financial Analysis
Aker maintains a robust financial position with a liquidity reserve of NOK 6.4 billion and net interest-bearing debt of NOK 2.0 billion, resulting in a low loan-to-value ratio of 11%. The company’s debt maturity profile is well-structured with no maturities in 2025-2026 and an average debt maturity of 3.3 years. Aker maintains a BBB-/Stable credit rating.
The following slide highlights Aker’s financial position:
The development of Aker’s Net Asset Value from Q1 to Q2 2025 shows the contributions from various portfolio companies. The largest positive contributors were Solstad Maritime (NOK 2.7 billion) and Aker BP (NOK 2.0 billion), while dividends paid reduced NAV by NOK 2.0 billion.
The waterfall chart below illustrates the NAV development:
Aker’s portfolio composition shows a balanced mix of investments across energy, industrial, and real estate sectors:
The company has maintained a consistent dividend policy over time, with more than NOK 27 billion in accumulated dividends paid since re-listing in 2004. Aker targets annual dividend payments of 4-6% of NAV and has achieved 10% annual growth in NAV including dividends.
The historical dividend performance is shown below:
Forward-Looking Statements
Looking ahead, Aker is focusing on three strategic priorities: consolidating its ownership structure, distributing value to shareholders, and refocusing its portfolio. The company is pivoting toward areas with high growth potential, including AI infrastructure and industrial software.
The merger with Aker Horizons will create a more focused industrial platform, while investments in real estate through SBB and Public Property Invest represent a significant expansion into a new sector. Cognite continues to be positioned as a growth engine within the portfolio, leveraging increasing demand for industrial AI solutions.
Aker’s CEO Øyvind Eriksen emphasized the company’s adaptability and strategic focus during the earnings call, stating, "The ability to pivot has been key to our value creation over time." He highlighted the growth potential of industrial software as "a growth engine and a value driver" for Aker’s portfolio.
With a strong financial position, diversified portfolio, and clear strategic direction, Aker appears well-positioned to navigate market challenges while continuing to deliver value to shareholders.
Full presentation:
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