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Aker
Earnings Release • Feb 14, 2025
3526_rns_2025-02-14_1b03ae95-5d9d-452e-8057-5206b6e866b3.pdf
Earnings Release
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February 14, 2025
Fourth Quarter and Preliminary Annual Results 2024
Q4 2024 | Key highlights
Active ownership Solid financial metrics
FINANCIALS
NAV: NOK 58.2 billion (or NOK 60.8 billion before dividends paid, compared to NOK 57.0bn at Q3)
Share price: NOK 549.0 at year-end (+6.7% in Q4 incl. dividend, Brent +4.1%, OSEBX +0.6%)
Total shareholder return: -9.9% in 2024 incl. dividends (Brent -2.9%, OSEBX +9.1%)
Upstream dividends: 2025 est. NOK >5 billion (11.2bn in 2024, 4.4bn in 2023, 2.8bn in 2022)
Dividends: NOK 51.0 per share (NOK 3.8 billion) paid in 2024. NOK 26.50 per share proposed to be paid in Q2 2025, with authorization to pay additional dividend in 2H 2025, in-line with previous years
A MORE FOCUSED AKER
NOK >32 billion of dividends paid by Aker portfolio companies to shareholders in 2024
Philly Shipyard: completed the sale of its business to Hanwha
- To pay a total of USD 84 million in dividends during 1H 2025 (announced after quarter-end)
- Intention to liquidate the company within 1H 2025 (subject to EGM)
Aker BP: strong operational performance and projects on track. Production outlook above 500 mboepd into 2030s. Base dividend growth of 5% in 2025
Cognite: strong commercial momentum continued with record high recurring revenues (ARR) in 2024
After quarter-end:
Solstad Maritime: intention to apply for an IPO on Euronext Oslo Børs during Q2 2025
AMSC: to distribute its Solstad Maritime shares and excess cash to shareholders
- AMSC owns ~19.6% of the shares in Solstad Maritime
- Intention to liquidate the company following the Solstad Maritime IPO
ACC: to pay NOK 3.5 billion in extraordinary dividends following the SLB Capturi JV transaction (subject to EGM)
Norwegian kroner
58bn Net Asset Value
65bn Gross Asset Value
~70% listed assets and cash
783kr
Per-share NAV
Share price at Q4 41bn market cap
549kr
8.4bn
Liquidity reserve incl. 0.7bn cash & liquid funds
5
NOK per share
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1H
2021
1H
2022
2H
1H
2023
2H
1H
29 30
2024
1H
51
2H
2025
1H
5bn est. upstream
dividends in 2025
8 10 11 12 13 10 10 16 18 23 24 24 2H 2H Dividends paid Proposed
Proposed dividend per share of NOK 26.5 in first half 2025
*In 2015, Aker paid a cash dividend of NOK 5.0 per share and a scrip dividend of NOK 5.0 per share, both are included in the graph above **In 2005, Aker paid an extraordinary dividend, thus year of payment and fiscal year were the same
A more focused Aker – active ownership driving value creation
NOK >32bn in dividends paid to Aker and other shareholders in 2024 More than NOK 27bn of transactions and proceeds in 2024
Cash dividends paid by companies in Aker's portfolio to shareholders in 2024. The value for AKSO includes Selection of large transactions and proceeds announced during 2024 NOK 0.5bn of share buy-backs
Portfolio composition – listed and unlisted investments
NOK million
| Listed equity investments: NOK 601 per share | |||||
|---|---|---|---|---|---|
| Company | Category / Sector | Ownership | Q4-2024 | ||
| Aker BP | Oil & Gas | 21% | 29 654 | ||
| Aker Solutions | Energy Services | 39% | 6 032 | ||
| Aker BioMarine | Seafood & Marine Biotech | 78% | 4 572 | ||
| Akastor | Energy Services | 37% | 1 305 | ||
| Aker Horizons | Renewables & Green tech | 67% | 1 101 | ||
| Solstad Offshore |
Energy Services | 33% | 1 084 | ||
| Philly Shipyard | Energy Services | 58% | 537 | ||
| AMSC* | Energy Services | 19% | 356 | ||
| Sum | 44 642 | ||||
| Gross value per share (NOK): | 601 |
| 799 | Listed & unlisted equity investments (NOK/share) |
|---|---|
| 66 | Cash and interest-bearing assets (NOK/share) |
| 16 | Fixed and other interest-free assets (NOK/share) |
| 880 | GAV (NOK/share) |
| (98) | Total liabilities (NOK/share) |
| 783 | NAV (NOK/share) |
| 549 | Share price, end of quarter (NOK) |
| 74 292 751 | no. of outstanding shares |
NOK million
Unlisted equity investments: NOK 198 per share Company Category / Sector Ownership Q4-2024 Cognite Software 51% 6 684 Solstad Maritime Energy Services 42% 2 310 Aker Property Group Real estate 100% 1 793 Aker Qrill Company Seafood & Marine Biotech 40% 1 577 SalMar Aker Ocean Seafood & Marine Biotech 15% 656 Seetee Other 90% 450 ICP Holding and partnership Other 100% 411 Gaia Salmon Seafood & Marine Biotech 25% 189 Aize Software 68% 37 Other equity investments Other 595 Sum 14 703 Gross value per share (NOK): 198
*direct investment 5
Market value is applied for listed investments, most recent transaction value for non-listed investments subject to material transaction with third parties, and book value for other unlisted investments
– Clear pathway for profitable growth
6
A world-class independent E&P company
- ✓ Industry-leading low cost and low emissions
- ✓ Strong production and Johan Sverdrup outperforming
- ✓ Projects progressing according to plan
- ✓ 2026-2028 cumulative free cash flow ~65-100% of market cap2,3
- ✓ Performance enhanced through digitalization, AI and remote operations
2017 2020 2024
Proven track record and production above 500 mboepd into the 2030s
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
1) Assets in production, projects in execution and certain other named projects (mainly East Frigg and Johan Sverdrup ph-3) where investments incur in the period up to 2028; 2) Free cash flow: Net cash flow from operating activities less Net cash flow from investment activities; 3) Market capitalization in USD based on 632m shares, share price of NOK 243/sh and USDNOK at 11.2. Illustrative Cumulative Free Cash Flow assumptions: 2023 and 2024 as reported. Production profile, capex and opex as indicated at Aker BP's Strategy Update as of 12 February 2025. USDNOK 11.00 (2025) & 10.50 assumed
Capitalizing on the low carbon value chain
Leveraging industrial competence to identify key opportunities
Making data AI-ready
Data is the starting point for unlocking AI potential Strong commercial momentum continues
Industrial AI at scale without a knowledge graph doesn't work
January 2025 – Verdantix positions Cognite as the market-leading DataOps and AI platform for enterprise-scale, complex industrial data management projects
1YoY: year-over-year
2 ARR: annual recurring revenue, from Software-as-a-Service (SaaS) contracts, representing next 12 months' value of expected revenue from all active recurring software subscription contracts (see APM in appendix for definition)
Investing along attractive long-term global themes
Exposure to strategic themes with solid potential for secular growth, good profitability and cash flow generation
Financial Investments
Financial Investments
Q4 2024 | Overview
Total Financial Investments – as share of Gross Asset Value (per 31.12.2024)
NOK billion
Aker's investments in Solstad is reported as part of Industrial Holdings as of 1 January 2024 and comparative figures are re -presented correspondingly
Financial Investments
Q4 2024 | Cash
Cash – as share of Gross Asset Value Available liquidity (per 31.12.2024) NOK 0.6 billion 1% 7.7 0.6 NOK 8.4 billion
Liquid funds
Cash
Undrawn RCFs
Cash decreased by NOK 8 million to NOK 617 million
| +5 074m | Dividends received |
|---|---|
| -2 638m | Dividends paid |
| -1 922m | Debt repayment |
| -293m | Loans and investments in portfolio companies |
| -248m | Operating expenses and net interest |
| +19m | Net other |
| -8m | Change in the quarter |
Cash including liquid funds amounted to NOK 0.7 billion *Total available liquidity reserve of NOK 8.4 billion including undrawn credit facilities and liquid funds
Financial Investments Q4 2024 | Listed financial investments
Listed financial investments – as share of Gross Asset Value (per 31.12.2024)
Developments in the quarter
- Value increase of investment in Philly Shipyard of NOK 75 million
- Value decrease of AMSC equity investment of NOK 10 million, and dividend income from AMSC of NOK 22 million (from shares and Total Return Swaps)
Listed financial investments
| NOK million | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 |
|---|---|---|---|---|---|
| Akastor | 1 173 | 1 100 | 1 599 | 1 319 | 1 305 |
| Philly Shipyard |
379 | 249 | 483 | 462 | 537 |
| AMSC (excl. TRS) | 369 | 373 | 454 | 366 | 356 |
| Total value | 1 920 | 1 722 | 2 536 | 2 147 | 2 199 |
| AMSC TRS* | 4 | 9 | 137 | (6) | (23) |
Financial Investments Q4 2024 | Other financial investments
Other financial investments – as share of Gross Asset Value (per 31.12.2024)
Developments in the quarter
- Real estate increased by NOK 285 million due to equity investment
- Interest bearing receivables increased by NOK 80 million, primarily due to changes in currency exchange rates in the quarter
- Mainly consists of a NOK 2.0 billion loan and a NOK 1.3 billon convertible loan to Aker Horizons
- Other equity investments decreased by NOK 75 million
- Primarily due to some value adjustments of non-core assets, offset by investment in ICP
Photo: Aker Tech House
Other financial investments1
| NOK million | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 |
|---|---|---|---|---|---|
| Real estate | 1 313 | 1 353 | 1 353 | 1 508 | 1 794 |
| Interest bearing receivables | 4 092 | 4 556 | 4 420 | 4 196 | 4 276 |
| Other equity investments | 1 647 | 2 057 | 2 081 | 1 721 | 1 646 |
| Non-interest bearing assets | 601 | 662 | 874 | 623 | 674 |
| Fixed assets | 505 | 517 | 511 | 505 | 500 |
| Total value | 8 160 | 9 145 | 9 239 | 8 554 | 8 891 |
1See appendix for further detailed breakdown of values
Financial Statements
Q4 2024 | Balance Sheet and Fair value adjustments
(after dividend allocation of NOK 26.5 per share)
NOK million NOK billion
| Book value | Fair value adjusted | |||
|---|---|---|---|---|
| Combined Balance Sheet |
Q3 2024 | Q4 2024 | Q3 2024 | Q4 2024 |
| Non-interest bearing and fixed non-current assets | 1 061 | 1 082 | 1 061 | 1 082 |
| Interest bearing assets | 4 196 | 4 277 | 4 196 | 4 277 |
| Investments | 27 903 |
149 28 |
60 243 |
59 344 |
| Non-interest bearing current receivables | 67 | 92 | 67 | 92 |
| Cash and cash equivalents | 625 | 617 | 625 | 617 |
| Total Assets (GAV) | 33 853 | 34 218 | 66 192 | 65 413 |
| Shareholders' equity (NAV) |
24 678 |
24 992 |
57 018 |
56 187 |
| Non-interest bearing debt | 250 | 250 | 250 | 250 |
| Interest-bearing debt | 8 924 | 7 008 | 8 924 | 7 008 |
| Allocated dividend | - | 1 969 | - | 1 969 |
| Total Equity and Liabilities | 33 853 | 34 218 | 66 192 | 65 413 |
| Net interest-bearing receivables (liabilities) | (4 103) | (2 113) | (4 103) | (2 113) |
| Equity ratio (%) | 72.9% | 73.0% | 86.1% | 85.9% |
| Equity per share (NOK) | 332 | 336 | 767 | 756 |
Aker ASA and holding companies
Q4 2024 | Robust financial position – solid liquidity, low LTV
1 LTV: external interest-bearing debt adj. for cash and liquid funds, divided by Gross Asset Value excl. cash and liquid funds
2 NIBD: interest-bearing debt adj. for cash incl. liquid funds and interest-bearing receivables, divided by Gross Asset Value excl. cash incl. liquid funds and interest-bearing receivables
For full details on interest-bearing items and loans, visit: www.akerasa.com/investors/treasury
listed assets and cash
Aker ASA and holding companies
Q4 2024 | Robust financial position, no debt maturity 2025-2026
1Aker has revolving credit facilities (RCFs) of NOK 10 billion For full details on interest-bearing items and loans, visit: www.akerasa.com/investors/treasury
Aker ASA and holding companies
Q4 2024 | Income statement
NOK million
| Combined Income statement |
Q4 2023 | Year 2023 |
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Year 2024 |
|---|---|---|---|---|---|---|---|
| Operating revenues | - | - | - | - | - | - | - |
| Operating expenses | (106) | (404) | (106) | (104) | (106) | (95) | (412) |
| EBITDA | (106) | (404) | (106) | (104) | (106) | (95) | (412) |
| Depreciation | (9) | (33) | (9) | (8) | (8) | (8) | (32) |
| Dividends received | 1 786 | 4 407 | 859 | 1 290 | 2 159 | 5 071 | 9 380 |
| Value change | 337 | (3 234) | 800 | 1 099 | (974) | (27) | 897 |
| Net other financial items | (1 425) | (1 770) | (145) | 15 | (494) | (12) | (636) |
| Profit (loss) before tax | 584 | (1 034) | 1 400 | 2 292 | 577 | 4 929 | 9 198 |
Proud ownership
- A more focused Aker
- Active ownership
- Megatrend-oriented
- Proven track-record
- Industrial expertise
- Financial flexibility
- Unique ecosystem
Appendix
Q4 2024 | NAV per share NOK 783, value adjusted equity 89%
Net asset value (NAV) development per share vs. share price NOK per share NOK billion, % NAV as share of gross asset value 860 767 666 624 615 548 549 596 0 200 400 600 800 1,000 Q4 2023 Q1 Q2 Q3 Q4 2024 Feb 13 2025 851 813 783 825 Share price Dividend allocated per share NAV per share (after dividend allocation)
Net asset value (NAV) composition
Q4 2024 | Net Asset Value development
NOK billion, % change NOK billion, % change Q3 2024 2.2 Aker Solutions 1.2 Other* Q4 2024 (2.6) Dividends paid Q4 2024 (0.2) Solstad Offshore* 0.2 Aker BP* 0.3 57.0 60.8 58.2 Aker BioMarine* +6.6% (+3.8bn)
Q4 2024
Full-year 2024
*Incl. dividends received
Net asset value is determined by applying the market value for listed assets, most recent transaction value for non-listed assets subject to material transaction with third parties, and book value for other assets
Q4 2024 | Asset Base of NOK 65 billion
NOK billion, % share of GAV % of GAV per Q4 2024 vs. (Q4 2023) Unlisted investments Listed investments Industrial Holdings Financial Investments TOTAL: 53.7 11.7 0.4 45% 29.7 Fixed assets 0.6 2% 1.1 7% 4.6 Listed financial investments 2.2 Real estate 1.9 Cash 9% 6.0 10% 6.7 1% 0.7 0% 0.0 4.3 * 65.4 Interest-bearing assets 0.5 3.4 Solstad Maritime & Solstad Offshore 5% Aker Qrill Company 2% 1.6 1.8 Gross Asset Value (GAV): Other financial investments
Portfolio composition (GAV)
Sector composition (GAV)
*Reflecting the latest transaction value
Market value is applied for listed assets, most recent transaction value for non-listed assets subject to material transaction with third parties, and book value for other assets
1) Total combined market value of companies in which Aker has a direct ownership
24 2) Where Aker is a shareholder directly or indirectly, incl. Aker BP, Aker Solutions, Aker Biomarine, Solstad Offshore, Aker Horizons, Aker Carbon Capture, Akastor, Philly Shipyard, AMSC
Net Asset Value (NAV) details
| NOK million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Asset Value (NAV) details | per 4Q 2024 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | ||
| Number | Ownership | Share of | ||||||||||
| of shares | share | total assets | ||||||||||
| Aker BP | 133,757,576 | 21.2% | 45.3% | 40,676 | 34,282 | 33,680 | 39,592 | 39,525 | 36,088 | 36,409 | 30,256 | 29,654 |
| Aker Solutions | 193,950,894 | 39.4% | 9.2% | 7,254 | 7,378 | 7,545 | 8,379 | 8,150 | 7,529 | 8,573 | 7,871 | 6,032 |
| Aker BioMarine | 68,132,830 | 77.7% | 7.0% | 2,592 | 2,647 | 2,320 | 2,678 | 3,134 | 4,361 | 5,703 | 3,349 | 4,572 |
| Aker Qrill Company | 4,000,000 | 40.0% | 2.4% | - | - | - | - | - | - - |
1,577 | 1,577 | |
| Solstad Maritime | 195,450,849 | 42.0 % | 3.5% | - | - | - | - - |
2,250 | 2,310 | 2,310 | 2,310 | |
| Solstad Offshore | 27,089,493 | 32.9% | 1.7% | 678 | 598 | 439 | 520 | 1,002 | 1,061 | 1,144 | 880 | 1,084 |
| Aker Horizons | 464,285,714 | 67.3% | 1.7% | 5,987 | 4,323 | 3,152 | 2,131 | 2,022 | 1,439 | 1,305 | 1,247 | 1,101 |
| Cognite | 7,059,549 | 50.5% | 10.2% | 6,684 | 6,684 | 6,684 | 6,684 | 6,684 | 6,684 | 6,684 | 6,684 | 6,684 |
| SalMar Aker Ocean | 15,000,000 | 15.0% | 1.0% | 656 | 656 | 656 | 656 | 656 | 656 | 656 | 656 | 656 |
| Aize | 4,378,700 | 67.6% | 0.1% | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 |
| Total Industrial Holdings | 82.1% | 64,563 | 56,605 | 54,513 | 60,676 | 61,211 | 60,105 | 62,820 | 54,866 | 53,707 | ||
| Cash | 0.9% | 1,290 | 1,162 | 876 | 1,454 | 774 | 699 | 459 | 625 | 617 | ||
| Real Estate | 2.7% | 973 | 993 | 993 | 1,158 | 1,313 | 1,353 | 1,353 | 1,508 | 1,794 | ||
| Aker Property Group | 1,000 | 100.0% | 2.7% | 973 | 993 | 993 | 1,158 | 1,313 | 1,353 | 1,353 | 1,508 | 1,794 |
| Listed financial investments | 3.4% | 1,854 | 2,036 | 1,948 | 1,999 | 1,920 | 1,722 | 2,536 | 2,147 | 2,199 | ||
| Akastor | 100,565,292 | 36.7% | 2.0% | 927 | 1,148 | 1,112 | 1,193 | 1,173 | 1,100 | 1,599 | 1,319 | 1,305 |
| AMSC (direct investment)* | 13,701,416 | 19.1% | 0.5% | 598 | 569 | 547 | 564 | 369 | 373 | 454 | 366 | 356 |
| Philly Shipyard | 7,237,631 | 57.6% | 0.8% | 329 | 318 | 289 | 242 | 379 | 249 | 483 | 462 | 537 |
| Interest-bearing assets | (see separate slide for details) | 6.5% | 4,172 | 4,297 | 4,272 | 4,056 | 4,092 | 4,556 | 4,420 | 4,196 | 4,276 | |
| Aker Horizons | 3.1% | 1,994 | 1,994 | 1,995 | 1,995 | 1,996 | 1,996 | 1,997 | 1,997 | 1,998 | ||
| Aker Horizons convertible bond | 1.9% | 1,227 | 1,236 | 1,236 | 1,246 | 1,246 | 1,255 | 1,255 | 1,264 | 1,264 | ||
| Clara Ventures | 0.0% | 156 | 228 | 237 | 247 | 265 | 283 | 329 | - | 4 | ||
| Cognite | 0.5% | - | - | - | - | - 282 |
278 | 275 | 297 | |||
| Ghana FPSO Company | 0.3% | 191 | 203 | 208 | 206 | 197 | 209 | 206 | 203 | 220 | ||
| Other interest-bearing assets | 0.8% | 605 | 636 | 595 | 362 | 388 | 531 | 355 | 456 | 494 | ||
| Other equity investments (see separate slide for details) | 2.5% | 2,379 | 2,610 | 1,640 | 1,644 | 1,647 | 2,057 | 2,081 | 1,721 | 1,646 | ||
| Fixed and other interest-free assets | 1.8% | 882 | 921 | 2,029 | 2,083 | 1,107 | 1,179 | 1,385 | 1,128 | 1,175 | ||
| Total Financial Investments | 17.9% | 11,551 | 12,019 | 11,758 | 12,395 | 10,854 | 11,566 | 12,234 | 11,326 | 11,707 | ||
| Gross Asset Value (GAV) | 100.0% | 76,114 | 68,624 | 66,271 | 73,071 | 72,064 | 71,671 | 75,054 | 66,192 | 65,413 | ||
| External interest-bearing debt | (8,976) | (8,668) | (8,743) | (8,680) | (8,615) | (10,914) | (10,790) | (8,924) | (7,008) | |||
| Non-interest bearing debt | (263) | (301) | (353) | (321) | (246) | (337) | (334) | (250) | (250) | |||
| Net Asset Value (NAV) before dividend allocation | 66,875 | 59,655 | 57,176 | 64,070 | 63,204 | 60,420 | 63,929 | 57,018 | 58,156 | |||
| Number of outstanding shares | 74,293,373 | 74,293,373 | 74,293,373 | 74,288,622 | 74,296,637 | 74,296,637 | 74,296,637 | 74,296,637 | 74,292,751 | |||
| Net Asset Value (NAV) per share before dividend allocation | 900 | 803 | 770 | 862 | 851 | 813 | 860 | 767 | 783 |
- Net asset value is Gross asset value less liabilities.
- Net asset value is a core performance indicator at Aker ASA. It expresses Aker's underlying value and is a key determinant of the company's dividend policy.
- Net asset value is determined by applying the market value of exchange-listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, while book value is used for other assets.
- Aker's assets (Aker ASA and holding companies) consist largely of equity investments in the Industrial Holdings segment, and of cash, receivables and other equity investments in the Financial Investments segment. Other assets consist mainly of fixed and other interest-free assets. The financial tables in this appendix show the composition of Aker's assets.
*Aker ASA holds direct exposure to 13 701 416 shares in AMSC ASA, equivalent to 19.07% of the shares and votes of the company, and financial exposure to 22 155 088 underlying shares through two total return swap agreements, equivalent to 30.83% of the share capital in the company. As per 31 December 2024, the value of the swap agreements was negative by NOK 23 million.
NAV details – Listed vs. unlisted
| NOK million | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Asset Value (NAV) details | per 4Q 2024 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | |||
| Ownership | Share of | ||||||||||||
| Segment | Sector | share | total assets | ||||||||||
| Aker BP | Industrial holdings | Oil & Gas | 21 % | 45% | 40 676 34 282 33 680 39 592 39 525 36 088 36 409 30 256 29 654 | ||||||||
| Aker Solutions | Industrial holdings | Energy Services | 39 % | 9% | 7 254 | 7 378 | 7 545 | 8 379 | 8 150 | 7 529 | 8 573 | 7 871 | 6 032 |
| Aker BioMarine | Industrial holdings | Seafood & Marine biotech | 78 % | 7% | 2 592 | 2 647 | 2 320 | 2 678 | 3 134 | 4 361 | 5 703 | 3 349 | 4 572 |
| Akastor | Financial investments Energy Services | 37 % | 2% | 927 | 1 148 | 1 112 | 1 193 | 1 173 | 1 100 | 1 599 | 1 319 | 1 305 | |
| Aker Horizons | Industrial holdings | Renewables & Green technology | 67 % | 2% | 5 987 | 4 323 | 3 152 | 2 131 | 2 022 | 1 439 | 1 305 | 1 247 | 1 101 |
| Solstad Offshore | Industrial holdings | Energy Services | 33 % | 2% | 678 | 598 | 439 | 520 | 1 002 | 1 061 | 1 144 | 880 | 1 084 |
| Philly Shipyard | Financial investments Energy Services | 58 % | 1% | 329 | 318 | 289 | 242 | 379 | 249 | 483 | 462 | 537 | |
| AMSC (direct investment)* | Financial investments Energy Services | 19 % | 1% | 598 | 569 | 547 | 564 | 369 | 373 | 454 | 366 | 356 | |
| Listed holdings | 68% | 59 041 51 264 49 085 55 298 55 754 52 200 55 669 45 750 44 642 | |||||||||||
| Listed holdings, per share: | 795 | 690 | 661 | 744 | 750 | 703 | 749 | 616 | 601 | ||||
| Cognite | Industrial holdings | Software | 51 % | 10% | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 |
| Solstad Maritime | Industrial holdings | Energy Services | 42 % | 4% | - | - | - | - | - | 2 250 | 2 310 | 2 310 | 2 310 |
| Aker Qrill Company | Industrial holdings | Seafood & Marine Biotech | 40 % | 2% | - | - | - | - | - | - | - | 1 577 | 1 577 |
| Aker Property Group | Financial investments Real estate | 100 % | 3% | 973 | 993 | 993 | 1 158 | 1 313 | 1 353 | 1 353 | 1 508 | 1 793 | |
| SalMar Aker Ocean | Industrial holdings | Seafood & Marine Biotech | 15 % | 1% | 656 | 656 | 656 | 656 | 656 | 656 | 656 | 656 | 656 |
| Seetee | Financial investments Other | 90 % | 1% | 156 | 237 | 241 | 222 | 326 | 450 | 450 | 450 | 450 | |
| ICP | Financial investments Other | 1% | 314 | 454 | 454 | 454 | 425 | 585 | 585 | 351 | 411 | ||
| Gaia Salmon | Financial investments Seafood & Marine Biotech | 25 % | 0% | 155 | 155 | 155 | 189 | 189 | 189 | 189 | 189 | 189 | |
| Aize | Industrial holdings | Software | 68 % | 0% | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 |
| Other equity investments | Financial investments Other | 1% | 1 754 | 1 764 | 790 | 779 | 707 | 833 | 856 | 731 | 595 | ||
| Unlisted holdings | 22% | 10 729 10 980 10 010 10 179 10 337 13 037 13 121 14 493 14 703 | |||||||||||
| Unlisted holdings, per share: | 144 | 148 | 135 | 137 | 139 | 175 | 177 | 195 | 198 | ||||
| Interest-bearing assets | Other | 7% | 4 172 | 4 297 | 4 272 | 4 056 | 4 092 | 4 556 | 4 420 | 4 196 | 4 277 | ||
| Fixed and other interest-free assets | Other | 2% | 882 | 921 | 2 029 | 2 083 | 1 107 | 1 179 | 1 385 | 1 128 | 1 175 | ||
| Cash | Cash | 1% | 1 290 | 1 162 | 876 | 1 454 | 774 | 699 | 459 | 625 | 617 | ||
| Other Assets & Cash | 9% | 6 344 | 6 380 | 7 177 | 7 593 | 5 973 | 6 434 | 6 264 | 5 950 | 6 069 | |||
| Other Assets & Cash, per share: | 85 | 86 | 97 | 102 | 80 | 87 | 84 | 80 | 82 | ||||
| GAV - Gross Asset Value | 100% | 76 114 68 624 66 271 73 071 72 064 71 671 75 054 66 192 65 413 | |||||||||||
| External interest-bearing debt | (8 976) (8 668) (8 743) (8 680) (8 615) (10 914) (10 790) (8 924) (7 008) | ||||||||||||
| Non-interest bearing debt | (263) | (301) | (353) | (321) | (246) | (337) | (334) | (250) | (250) | ||||
| NAV, before dividend allocation | 66 875 59 655 57 176 64 070 63 204 60 420 63 929 57 018 58 156 | ||||||||||||
| Number of outstanding shares | 74 293 373 74 293 373 74 293 373 74 288 622 74 296 637 74 296 637 74 296 637 74 296 637 74 292 751 | ||||||||||||
| NAV per share, before dividend allocation | 900 | 803 | 770 | 862 | 851 | 813 | 860 | 767 | 783 | ||||
| Share price (at end of quarter): | 719,5 | 672,0 | 608,5 | 659,5 | 666,0 | 623,5 | 615,0 | 548,0 | 548,0 |
| NOK million | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industrial Holdings | Ownership | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | Net | Dividend | Other | Value | 4Q 2024 |
| per 4Q 2024 | investments | income | changes | change | Value | |||||||||
| Aker BP | 21.2% 40,676 | 34,282 | 33,680 | 39,592 | 39,525 | 36,088 | 36,409 | 30,256 | - (879) |
- | 277 | 29,654 | ||
| Aker Solutions | 39.4% 7,254 7,378 7,545 8,379 8,150 7,529 8,573 7,871 | - (4,073) | - 2,234 6,032 | |||||||||||
| Aker BioMarine | 77.7% 2,592 2,647 2,320 2,678 3,134 4,361 5,703 3,349 | - - |
- 1,223 4,572 | |||||||||||
| Aker Qrill Company** | 40.0% | - | - | - | - | - | - | - 1,577 | - - |
- | - 1,577 | |||
| Solstad Maritime** | 42.0% | - | - | - | - | - 2,250 2,310 2,310 | - (98) |
- | 98 2,310 | |||||
| Solstad Offshore | 32.9% | 678 | 598 | 439 | 520 1,002 1,061 1,144 | 880 | - - |
- | 204 1,084 | |||||
| Aker Horizons | 67.3% 5,987 4,323 3,152 2,131 2,022 1,439 1,305 1,247 | - - |
- | (146) 1,101 | ||||||||||
| Cognite* | 50.5% 6,684 6,684 6,684 6,684 6,684 6,684 6,684 6,684 | - - |
- | - 6,684 | ||||||||||
| SalMar Aker Ocean** | 15.0% | 656 | 656 | 656 | 656 | 656 | 656 | 656 | 656 | - - |
- | - | 656 | |
| Aize** | 67.6% | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 | - - |
- | - | 37 | |
| Total Industrial Holdings | 64,563 56,605 54,513 60,676 61,211 60,105 62,820 54,866 | - (5,050) | - 3,890 | 53,707 |
*Reflecting the latest transaction value
**At book value
Shareholder return, incl. dividend (27,8%) (27,1%) (32,4%) (5,1%)
| USD million | ENERGY | SECURITY | EFFICIENCY , |
& | TRANSITION | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aker BP (ticker: AKRBP) | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | |
| Net Production Volume (mboepd) | 453 | 481 | 450 | 444 | 457 | 448 | 444 | 415 | 449 | 439 | |
| Revenue | 3 310 | 3 291 | 3 513 | 3 556 | 13 670 | 3 078 | 3 377 | 2 858 | 3 068 | 12 379 | |
| EBITDAX | 3 031 | 3 031 | 3 249 | 3 241 | 12 552 | 2 855 | 3 074 | 2 652 | 2 828 | 11 409 | |
| EBITDAX margin | 91,6% | 92,1% | 92,5% | 91,1% | 91,8% | 92,8% | 91,0% | 92,8% | 92,2% | 92,2% | |
| Net profit continued operations | 187 | 397 | 588 | 164 | 1 336 | 531 | 561 | 173 | 562 | 1 828 | |
| Share price at closing (NOK per share) | 256,30 | 251,80 | 296,00 | 295,50 | 295 50 , |
269,80 | 272,20 | 226,20 | 221,70 | 221 70 , |
|
| Shareholder return, incl. dividend | (13,9%) | 0,6% | 19,8% | 1,9% | 8% 4 , |
(6,6%) | 3,3% | (14,5%) | 0,9% | (16 2%) , |
|
| NOK million | |||||||||||
| Aker Solutions (ticker: AKSO) | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | |
| Revenue | 7 213 | 8 881 | 9 102 | 11 066 | 36 262 | 11 481 | 12 826 | 13 184 | 15 710 | 53 201 | |
| EBITDA | 229 | 193 | 194 | 551 | 1 166 | 967 | 1 206 | 1 204 | 1 191 | 4 568 | |
| EBITDA margin | 3,2% | 2,2% | 2,1% | 5,0% | 0 | 8,4% | 9,4% | 9,1% | 7,6% | 8,6% | |
| Net profit continued operations | 22 | 27 | (88) | 23 | (15) | 894 | 532 | 562 | 678 | 2 665 | |
| Share price at closing (NOK per share) | 38,04 | 38,90 | 43,20 | 42,02 | 42 02 , |
38,82 | 44,20 | 40,58 | 31,10 | 31 10 , |
|
| Shareholder return, incl. dividend | 1,7% | 4,9% | 11,1% | (2,7%) | 15 0% , |
(7,6%) | 19,0% | (8,2%) | 28,4% | 28 7% , |
|
| NOK million | |||||||||||
| Aker Horizons (ticker: AKH) | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | |
| Net capital employed | 9 252 | 6 500 | 5 802 | 5 319 | 5 319 | 5 201 | 7 107 | 6 109 | 5 949 | 5 949 | |
| Equity attributable to the parent | 6 908 | 3 907 | 3 031 | 2 328 | 2 328 | 2 020 | 3 748 | 2 567 | 2 305 | 2 305 | |
| Revenue and other income | 494 | 658 | 505 | 585 | 2 242 | 514 | 757 | 643 | 640 | 2 553 | |
| EBITDA | (613) | (441) | (281) | (569) (1 904) | (186) | (3) | (220) | (88) | (497) | ||
| Net profit continued operations | (745) (5 274) | (902) | (127) (7 048) | (771) | (506) (2 204) | (657) (4 138) | |||||
| Share price at closing (NOK per share) | 9,31 | 6,79 | 4,59 | 4,36 | 36 4 , |
3,10 | 2,81 | 2,69 | 2,37 | 2 37 , |
(66,2%)
(28,8%) (9,4%) (4,4%) (11,7%)
| AKER | ||||
|---|---|---|---|---|
| HORIZONS |
(45,5%)
Share price at closing (NOK per share) 38,85 34,05 39,30 46,00
Shareholder return, incl. dividend (11,8%) (26,5%) 18,3% 36,7%
NOK million
| NOK million | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Solstad Maritime | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Revenue | 1 033 | 1 353 | 1 252 | 1 457 | 5 096 | 1 296 | 1 478 | 1 631 | 1 575 | 5 980 |
| EBITDA | 463 | 632 | 585 | 703 | 2 383 | 577 | 758 | 906 | 720 | 2 960 |
| EBITDA margin | 44,8% | 46,7% | 46,7% | 48,2% | 46,8% | 44,5% | 51,3% | 55,6% | 45,7% | 49,5% |
| Net profit continued operations | (98) | 154 | 77 | 295 | 427 | 641 | 300 | 514 | 1 181 | 2 637 |
46,00
4,8%
| INDUSTRIAL DIGITALIZATION USD million |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cognite | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 | |
| Annual Recurring Revenue (ARR) | 55 | 57 | 64 | 68 | 68 | 73 | 82 | 92 | 94 | 94 | |
| Revenue | 26 | 26 | 26 | 27 | 105 | 27 | 30 | 32 | 35 | 124 | |
| EBITDA | (9) | (4) | (9) | (7) | (29) | (8) | (4) | (9) | (15) | (36) | |
| EBITDA margin | (32,8%) | (15,3%) | (34,3%) | (26,4%) | (27,2%) | (30,4%) | (12,0%) | (28,8%) | (42,9%) | (29,0%) | |
| Net profit continued operations | (11) | (7) | (13) | (17) | (48) | (12) | (12) | (17) | (21) | (62) |
| NOK million | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Aize | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Revenue | 149 | 144 | 331 | 127 | 752 | 128 | 106 | 121 | 143 | 498 |
| EBITDA | 62 | 46 | 242 | 1 | 351 | 26 | 36 | 41 | 77 | 180 |
| EBITDA margin | 41,6% | 31,9% | 73,1% | 0,6% | 0 | 20,0% | 34,2% | 34,3% | 53,6% | 36,2% |
| Net profit continued operations | 50 | 37 | 167 | (57) | 197 | (2) | 17 | 15 | 15 | 45 |
| USD million | SUSTAINABLE | PROTEINS & |
NUTRITION | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Aker BioMarine (ticker: AKBM) | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Revenue | 47 | 47 | 53 | 49 | 196 | 49 | 49 | 49 | 52 | 199 |
| EBITDA | - | 6 | 7 | (3) | 11 | 2 | 6 | 4 | 3 | 16 |
| EBITDA margin | 0,0% | 13,6% | 13,0% | (5,7%) | 5,4% | 4,3% | 13,0% | 8,1% | 6,5% | 8,0% |
| Net profit continued operations | (9) | - | (6) | (17) | (32) | (4) | (3) | 4 | (11) | (14) |
| Share price at closing (NOK per share) | 38,85 | 34,05 | 39,30 | 46,00 | 46 00 , |
64,00 | 83,70 | 49,15 | 67,10 | 67 10 , |
| Shareholder return, incl. dividend | 2,1% | (12,4%) | 15,4% | 17,0% | 20 9% , |
39,1% | 30,8% | 12,5% | 36,5% | 143 7% , |
| USD million | ||||||||||
| Aker Qrill Company | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Revenue | 26 | 46 | 72 | |||||||
| EBITDA | 1 | (4) | (4) | |||||||
| EBITDA margin | 2,7% | (9,6%) | (5,1%) | |||||||
| Net profit continued operations | (6) | (15) | (21) |
NOK million SalMar Aker Ocean 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 Revenue - - - 173 173 428 (0) 146 (0) 574 Operational EBIT (45) (10) (8) 11 (53) (28) (30) (3) (67) (127) Operational EBIT margin n/a n/a n/a 6,1% (30,4%) (6,4%) n/a (2,3%) n/a (22,1%) Net profit continued operations (35) (9) (8) 107 55 (34) (26) (52) (60) (172)
| 11 |
|---|
| SalMarAkerOcean |
Segment information – Financial Investments
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial Investments | Ownership per 4Q 2024 |
4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | |
| Cash | 1,290 | 1,162 | 876 | 1,454 | 774 | 699 | 459 | 625 | 617 | ||
| Real Estate | 973 | 993 | 993 | 1,158 | 1,313 | 1,353 | 1,353 | 1,508 | 1,794 | ||
| Aker Property Group | 100.0% | 973 | 993 | 993 | 1,158 | 1,313 | 1,353 | 1,353 | 1,508 | 1,794 | |
| Listed financial investments | 1,854 | 2,036 | 1,948 | 1,999 | 1,920 | 1,722 | 2,536 | 2,147 | 2,199 | ||
| Akastor | 36.7% | 927 | 1,148 | 1,112 | 1,193 | 1,173 | 1,100 | 1,599 | 1,319 | 1,305 | |
| AMSC (direct investment)* | 19.1% | 598 | 569 | 547 | 564 | 369 | 373 | 454 | 366 | 356 | |
| Philly Shipyard | 57.6% | 329 | 318 | 289 | 242 | 379 | 249 | 483 | 462 | 537 | |
| Interest-bearing assets | 4,172 | 4,297 | 4,272 | 4,056 | 4,092 | 4,556 | 4,420 | 4,196 | 4,276 | ||
| Aker Horizons | 1,994 | 1,994 | 1,995 | 1,995 | 1,996 | 1,996 | 1,997 | 1,997 | 1,998 | ||
| Aker Horizons convertible bond | 1,227 | 1,236 | 1,236 | 1,246 | 1,246 | 1,255 | 1,255 | 1,264 | 1,264 | ||
| Clara Ventures | 156 | 228 | 237 | 247 | 265 | 283 | 329 | - | 4 | ||
| Cognite | - | - | - | - | - | 282 | 278 | 275 | 297 | ||
| Ghana FPSO Company | 191 | 203 | 208 | 206 | 197 | 209 | 206 | 203 | 220 | ||
| Other interest-bearing assets | 605 | 636 | 595 | 362 | 388 | 531 | 355 | 456 | 494 | ||
| Other financial investments | 2,379 | 2,610 | 1,640 | 1,644 | 1,647 | 2,057 | 2,081 | 1,721 | 1,646 | ||
| ICP | 314 | 453 | 453 | 453 | 425 | 585 | 585 | 351 | 411 | ||
| Seetee | 156 | 237 | 241 | 222 | 326 | 450 | 450 | 450 | 450 | ||
| Gaia Salmon | 155 | 155 | 155 | 189 | 189 | 189 | 189 | 189 | 189 | ||
| Clara Ventures | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 144 | 86 | ||
| Abelee | 217 | 217 | 217 | 217 | 113 | 113 | 113 | 25 | - | ||
| Aker Energy | 990 | 990 | - | - | - | - | - | - | - | *Aker ASA holds direct exposure to 13 701 416 shares in | |
| Other investments | 392 | 404 | 419 | 408 | 439 | 565 | 589 | 562 | 509 | AMSC ASA, equivalent to 19.07% of the shares and votes of the company, and financial exposure to 22 155 088 |
|
| Fixed and other interest-free assets | 882 | 921 | 2,029 | 2,083 | 1,107 | 1,179 | 1,385 | 1,128 | 1,175 | underlying shares through two total return swap | |
| Pecan Energies - Earn out | - | - | 1,049 | 1,034 | - | - | - | - | - | agreements, equivalent to 30.83% of the share capital in | |
| Other fixed and interest-free assets | 882 | 921 | 980 | 1,049 | 1,107 | 1,179 | 1,385 | 1,128 | 1,175 | the company. As per 31 December 2024, the value of the | |
| Total Financial Investments | 11,551 | 12,019 | 11,758 | 12,395 | 10,854 | 11,566 | 12,234 | 11,326 | 11,707 | swap agreements was negative by NOK 23 million. |
*Aker ASA holds direct exposure to 13 701 416 shares in AMSC ASA, equivalent to 19.07% of the shares and votes of the company, and financial exposure to 22 155 088 underlying shares through two total return swap agreements, equivalent to 30.83% of the share capital in the company. As per 31 December 2024, the value of the
Income statement and Balance sheet (Aker ASA and holding companies)
| NOK million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Combined Income Statement | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Operating revenues* | - | - | - | - | - | - | - | - | - | - | - | |
| Operating expenses | (85) | (370) | (105) | (96) | (97) | (106) | (404) | (106) | (104) | (106) | (95) | (412) |
| EBITDA | (85) | (370) | (105) | (96) | (97) | (106) | (404) | (106) | (104) | (106) | (95) | (412) |
| Depreciation | (8) | (32) | (7) | (9) | (8) | (9) | (33) | (9) | (8) | (8) | (8) | (32) |
| EBIT | (93) | (402) | (112) | (105) | (106) | (114) | (437) | (114) | (112) | (114) | (103) | (444) |
| Dividend received | 772 | 2,765 | 796 | 1,038 | 787 | 1,786 | 4,407 | 859 | 1,290 | 2,159 | 5,071 | 9,380 |
| Value change | (711) | (4,114) | (1,376) | (1,662) | (533) | 337 | (3,234) | 800 | 1,099 | (974) | (27) | 897 |
| Net other financial items | 167 | (149) | (221) | (154) | 30 | (1,425) | (1,770) | (145) | 15 | (494) | (12) | (636) |
| Profit (loss) before tax | 135 (1,900) | (914) | (883) | 179 | 584 (1,034) | 1,400 | 2,292 | 577 4,929 9,198 |
NOK million, after dividend distribution
| Combined Balance Sheet | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Non-interest bearing and fixed non-current assets | 826 | 866 | 1,967 | 1,998 | 1,023 | 1,097 | 1,171 | 1,061 | 1,082 |
| Interest-bearing assets | 4,462 | 4,607 | 4,582 | 4,531 | 4,722 | 5,226 | 5,090 | 4,196 | 4,277 |
| Equity Investments* | 27,419 | 26,182 23,519 23,021 23,808 | 27,102 28,289 27,903 28,149 | ||||||
| Non-interest bearing current receivables | 56 | 56 | 62 | 85 | 84 | 83 | 213 | 67 | 92 |
| Cash and cash equivalents | 1,290 | 1,162 | 876 | 1,454 | 774 | 699 | 459 | 625 | 617 |
| Total Assets | 34,053 | 32,872 | 31,006 | 31,089 | 30,411 | 34,206 | 35,223 | 33,853 | 34,218 |
| Equity | 23,699 | 22,789 21,910 22,088 20,399 | 21,803 24,098 24,678 24,992 | ||||||
| Non-interest bearing debt | 1,378 | 1,415 | 353 | 321 | 1,397 | 1,489 | 334 | 250 | 2,218 |
| Interest-bearing debt, external | 8,976 | 8,668 | 8,743 | 8,680 | 8,615 | 10,914 10,790 | 8,924 | 7,008 | |
| Total Equity and Liabilities | 34,053 | 32,872 | 31,006 | 31,089 | 30,411 | 34,206 | 35,223 | 33,853 | 34,218 |
| Net interest-bearing (liabilities) | (3 224) | (2,899) | (3,285) | (2,695) | (3,119) | (4,989) | (5,241) | (4,103) (2,113) | |
| Equity ratio (%) | 69.6 % | 69.3 % | 70.7 % | 71.1 % | 67.1 % | 67.1 % | 68.4 % | 72.9 % | 73.0 % |
| Equity per share | 319 | 307 | 295 | 297 | 275 | 293 | 324 | 332 | 336 |
The balance sheet and income statement for Aker ASA and holding companies show the financial position as a holding company.
*Aker ASA and holding companies prepares and presents its accounts in accordance with the Norwegian Accounting Act and generally accepted accounting principles (GAAP), to the extent applicable. Accordingly, exchange-listed shares owned by Aker ASA and holding companies are recorded in the balance sheet at the lower of market value and cost price. In accordance with Aker ASA and holding companies' accounting principles, acquisitions and disposals of companies are a part of the ordinary business. Consequently, gains from sales of shares are classified as operating revenues in the combined profit and loss statement of the accounts. Gains and losses are only recognized to the extent assets are sold to third parties. Aker's accounting principles are presented in the company's 2023 annual report.
External interest-bearing debt
| NOK million | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| External interest-bearing debt | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 |
| AKER16 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 |
| AKER17 | 700 | 700 | 700 | 700 | 700 | 700 | 700 | 700 | 700 |
| AKER18 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 500 |
| AKER19 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 500 |
| AKER20 | 1,250 | 1,250 | 1,250 | 1,250 | |||||
| AKER21 | 500 | 500 | 500 | ||||||
| Total bond loans | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,744 | 6,172 | 6,172 | 4,750 |
| Bank credit facilities | 2,971 | 2,572 | 2,616 | 2,593 | 2,526 | 5,220 | 4,671 | 2,800 | 2,300 |
| Schuldschein loan (EUR 100m) | 1,051 | 1,139 | 1,170 | 1,125 | 1,124 | ||||
| Total bank loans | 4,023 | 3,711 | 3,786 | 3,719 | 3,650 | 5,220 | 4,671 | 2,800 | 2,300 |
| Capitalised loan fees | (47) | (43) | (43) | (39) | (35) | (51) | (52) | (47) | (42) |
| Total interest-bearing debt | 8,976 | 8,668 | 8,743 | 8,680 | 8,615 | 10,914 | 10,790 | 8,924 | 7,008 |
NOK million
| Debt maturity profile | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 |
|---|---|---|---|---|---|---|---|---|---|
| Bank loans | 2,300 | ||||||||
| AKER16 | 1,300 | ||||||||
| AKER17 | 700 | ||||||||
| AKER18 | 500 | ||||||||
| AKER19 | 500 | ||||||||
| AKER20 | 1,250 | ||||||||
| AKER21 | 500 | ||||||||
| Total | - | - | 4,300 | - | 1,750 | - | 500 | 500 |
Alternative Performance Measures (APM)
Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies' financial results and those of its portfolio companies, as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors and other interested parties, and they are meant to provide an enhanced insight into operations, financing and future prospects of the group. The definitions of these measures are as follows:
- Aker Horizons' share of net capital employed is a measure of all assets employed in the operation of a business. The number reflects Aker Horizons' share of the portfolio companies net capital employed, calculated as total assets less debt.
- ARR (Annual Recurring Revenue) in a Software-as-a-Service (SaaS) business models represents the next 12 months' value of expected revenue from all active recurring software subscription contracts, including software solution support, that are active or signed as at a specific point in time (e.g. at the end of a month/quarter/year).
- EBITDA is operating profit before depreciation, amortization and impairment charges
- EBITDA margin is EBITDA divided by revenue
- EBITDAX is operating profit before depreciation, amortization, impairment charges and exploration expenses
- EBIT is operating profit before interests and taxes
- Operational EBIT is operating profit before fair value adjustment
- Equity ratio is total equity divided by total assets
- Gross asset value is the sum of all assts determined by applying the market value of listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, and the book value of other assets
- Mboepd is thousand barrels of oil equivalents per day
- Mmboe is million barrels of oil equivalents
- Net Asset Value ("NAV") is gross asset value less liabilities
- NAV per share is NAV divided by the total number of outstanding Aker ASA shares
- Net interest-bearing receivable/debt is cash, cash equivalents and interest-bearing receivables (current and non-current), minus interest-bearing debt (current and non-current)
- Order intake includes new signed contracts in the period, in addition to expansion of existing contracts. The estimated value of potential options and change orders is not included
- Order backlog represents the estimated value of remaining work on signed contracts
- Value-adjusted equity ratio is NAV divided by gross asset value
FINANCIAL CALENDAR
- Apr 4 2025 Annual report
- Apr 30 2025 Annual General Meeting
- May 9 2025 Q1 results
- Jul 16 2025 Q2 / half-year results
- Nov 11 2025 Q3 results
CONTACTS
- Fredrik Berge Head of Investor Relations Tel: +47 45032090 [email protected]
- Atle Kigen Head of Media Relations and Public Affairs Tel: +47 90784878 [email protected]
ADDRESS
- Oksenøyveien 10 1366 Lysaker, Norway
- Tel: +47 24130000
- Web: akerasa.com
TICKERS
- Bloomberg: AKER:NO
- Reuters: AKER.OL
Quarterly presentations and related material, incl. financial tables in Excel-format, are available at akerasa.com and newsweb.no
About Aker ASA
Who we are
Aker ASA ("Aker") is an industrial investment company founded in 1841 developing industrial front-runners and creating shareholder value through active ownership. Aker is listed on the Oslo Stock Exchange and is owned 68% by TRG, a company controlled by Mr. Kjell Inge Røkke, Chairman of the Board. Aker's President & CEO is Mr. Øyvind Eriksen.
Aker's ownership interests are concentrated within the sectors oil & gas, energy services, renewable energy and green technologies, industrial software, seafood, and marine biotechnology. In 2022, Aker established active assets management as a business area. Aker is the largest shareholder, directly or indirectly, in 9 companies listed on the Oslo Stock Exchange and Euronext Expand Oslo. In addition, Aker is invested in several privately held companies. In 2023, Aker and companies in which Aker is the largest investor had a total turnover of more than NOK 200 billion with a workforce of 29,300 in more than 50 locations globally, including temporary hires. About 22,700 people were employed in Norway. Aker ASA has 45 employees, located at the head office at Fornebu, Norway.
How we operate
As an industrial investment company, Aker exercises active ownership to create value, combining deep industrial knowledge with capital market expertise and financial strength. Aker drives operational and strategic improvements through active board participation in the portfolio companies, assists in financing structures and assesses and evaluates M&A and restructuring cases. Aker has a strong focus on working in close strategic partnerships and has developed a unique partner ecosystem.
Sustainability
Aker has a long tradition of being a responsible enterprise and owner of companies. Aker considers Environmental, Social and Governance ("ESG") impacts throughout the investment and business decision-making processes. Aker's ambition is to ensure that Aker Group represent profitable, safe, and sustainable operations. Aker contributes to the development of companies by using its shareholder influence. Through the Global Framework Agreement, Aker and its industrial companies have committed to respecting and supporting fundamental human rights and trade union rights. Read more about our commitments to sustainability considerations in the Annual Report 2023.
Risk management
Aker and its portfolio companies are exposed to different types of risk. Aker has a long track-record of handling industrial and financial risks. Aker has established a risk management model based on the identification, assessment, and monitoring of major risk factors. Contingency plans have been prepared for these risk factors and their implementation is ensured and monitored. For further information, please see the annual report 2023 and corporate governance report 2023.
Business development and investments
Responsible value creation and ESG principles are integrated into Aker's investment policy and are addressed in investment analysis and decision-making processes. For further information please refer to the 2023 Annual Report available on Aker's website.
Annual reports: www.akerasa.com/en/investors/financial-reports-presentations/annual-reports Sustainability website: www.akerasa.com/en/sustainability Global framework agreement: www.akerasa.com/en/sustainability/social/#global-frame-agreement
Disclaimer
Disclaimer
This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker ASA and Aker ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Document. Although Aker ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document. Aker ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. The Aker group consists of many legally independent entities, constituting their own separate identities. Aker is used as the common brand or trademark for most of this entities. In this document we may sometimes use "Aker", "Group, "we" or "us" when we refer to Aker companies in general or where no useful purpose is served by identifying any particular Aker company.
Copyright
Copyright of all published material including photographs, drawings and images in this document remains vested in Aker ASA and third-party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.
