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Investing.com -- Aker ASA on Tuesday reported a robust third quarter marked by growth in net asset value and strong investment activity across artificial intelligence and real estate segments.
The company’s net asset value rose to NOK 67.5 billion from NOK 66.5 billion in the previous quarter. Gross asset value stood at NOK 77 billion, with more than 73% of assets in listed holdings and cash.
Aker’s share price increased 19.5% in the third quarter to NOK 783, outperforming the Oslo Stock Exchange Benchmark Index, which rose 1.4%.
The company approved dividends of NOK 26.5 per share, equal to NOK 2 billion, to be paid in the fourth quarter.
Aker’s liquidity reserve totaled NOK 7.8 billion, including NOK 1.3 billion in cash and liquid funds. Its market capitalization at the end of the quarter was NOK 58 billion.
The company maintained a low loan-to-value ratio of 10% and a BBB-/Stable rating from Scope Ratings.
During the quarter, Aker advanced its diversification strategy by expanding in AI infrastructure and real estate. The company established Aker Nscale, a 50/50 joint venture with Nscale, to build sovereign-grade AI data centers in Norway.
Construction is under way in Narvik, where 230 MW of secured grid capacity is partially reserved for Microsoft and OpenAI.
Aker Nscale announced a $6.2 billion, five-year contract with Microsoft and signed a letter of intent with OpenAI for about 10,000 GPUs. Combined, more than 62,000 Nvidia GB300 Blackwell GPUs are expected to be deployed at the site.
Aker also invested $285 million for a 9.3% stake in Nscale’s Series B funding round, the largest such round in UK and European history, which raised $1.1 billion.
Following the round, Nscale secured an additional $433 million in a Series C SAFE from existing investors. The company is developing a pipeline of 1.3 GW of AI-ready data centers globally, backed by partners including Microsoft, NVIDIA, Dell, and Nokia.
In real estate, Aker continued to grow its holdings through Aker Property Group (APG), which manages more than NOK 100 billion in property value. The group added Sweden’s Sveafastigheter after the quarter, expanding into the rent-regulated residential market.
APG is the largest shareholder in Samhällsbyggnadsbolaget i Norden (SBB) with about 9% of capital and 29% of voting rights, and holds roughly 25% of Public Property Invest (PPI).
Aker’s listed portfolio, which includes holdings in Aker BP, Aker BioMarine, and Aker Solutions, was valued at NOK 55.2 billion, representing 72% of total assets.
Aker BioMarine’s value increased by NOK 2.2 billion in the quarter, while Aker Solutions’ decreased by NOK 1 billion, mainly due to market price changes.
The unlisted portfolio, valued at NOK 13.3 billion, accounted for 17% of assets, while cash and other assets represented 11%.
Cognite, Aker’s majority-owned industrial software company, reported continued commercial growth. Annual recurring revenue rose 34% year over year to $124 million.
The firm added 10 new customer contracts in the quarter, including TotalEnergies and Marathon Oil, which plan to deploy Cognite’s data and AI platform globally.
Aker’s upstream dividends reached NOK 5 billion year-to-date. The company reaffirmed its dividend policy of paying 4-6% of NAV annually and targeting 10% annual growth in NAV, including dividends.