Aker ASA 3Q 2026 Presentation
Aker ASA reports third quarter results 2026
During the third quarter, Aker’s Net Asset Value (“NAV”) increased by NOK 5.1 billion to NOK 111.2 billion, the highest quarter-end NAV in Aker’s history. The increase was mainly driven by a higher market value of Aker BP, including dividends received. Year-to-date, Aker’s NAV increased by NOK 44.0 billion, after dividends paid. Aker’s Board of Directors declared an additional cash dividend of NOK 29.00 per share (NOK 2.2 billion), payable in November, bringing the full-year dividend to NOK 58.00 per share (NOK 4.3 billion). This reflects Aker’s financial position and commitment to shareholder returns.
“Aker delivered a solid third quarter, with continued value creation across the portfolio. Our energy holdings remain the industrial backbone, generating strong cash flows driven by solid operations and a tight oil and gas market. At the same time, we are building new pillars for growth in AI infrastructure and Real estate. Markets will move up and down, as recent weeks have shown, but the industrial rationale for our investments remains firm. With the proceeds from the Cognite transaction expected in the fourth quarter, our financial flexibility will strengthen further, positioning Aker to act when opportunities arise,” said Øyvind Eriksen, President & CEO of Aker ASA.
Aker delivered a total shareholder return of 20.2% in the quarter, and 83.5% year-to-date including dividends paid, substantially outperforming the Oslo Stock Exchange Benchmark Index (+23.0%) and the Brent oil price (+60.8%) over the same period.
At quarter-end, Aker’s NAV per share was NOK 1,509 and the share price was NOK 1,380, implying a 9% discount to NAV.
Key events Q3-2026
- Nscale filed a registration statement on Form S-1 with the SEC for a proposed IPO on the New York Stock Exchange
- Nscale signed a USD 44.6 billion multi-year contract with Anthropic at its Monarch site in the US and a USD 3.5 billion contract with Figure in Texas, doubling its total contract value to approximately USD 103 billion (as of August 31, 2026)
- Nscale raised USD 3.36 billion in pre-IPO convertible financing and agreed to acquire Anyscale, strengthening the software layer of its full-stack AI platform
- Aker BP delivered net production of 374.3 mboepd in Q3, supported by strong realized prices
- Aker BP’s Yggdrasil and Valhall PWP-Fenris projects passed major offshore milestones and remain on track for first production in 2027, while the Skarv Satellites project came on-stream one year ahead of schedule
- Sveafastigheter completed its merger with KlaraBo, creating Sweden’s largest listed residential property company, while SBB continued to strengthen its balance sheet through asset sales
- Aker BioMarine’s EGM approved the take-private merger with Aker in August, and the merger was completed after quarter-end on October 1, 2026
- Aker acquired 565,000 of its own shares for NOK 766 million in the quarter, used to settle the share consideration in the Aker BioMarine merger at the start of the fourth quarter
- Closing of the sale of Cognite to Schneider Electric continues to be expected in the fourth quarter, with proceeds to Aker of approximately NOK 14.7 billion significantly increasing Aker’s financial flexibility
Key financials Q3-2026
- GAV: NOK 127.5bn
- Listed investments: NOK 64.0bn
- Unlisted investments: NOK 60.5bn
- Other assets & cash: NOK 3.0bn
- NAV: NOK 111.2bn
- NAV per share: NOK 1,509
- Share price: NOK 1,380
- Dividend declared: NOK 29.00 per share (NOK 2.2bn), to be paid in November
- Liquidity: NOK 4.8bn*
(*of which NOK 1.0bn cash and liquid funds, and NOK 3.8bn undrawn credit facilities)
The webcast presentation will be held today at 09:00 CET at www.akerasa.com/webcast. All material, including the Excel file and replay of the webcast, will be available at www.akerasa.com.
-ENDS-