Aker ASA 2Q And Half Year 2026 Presentation
Aker ASA reports second quarter and half-year results 2026
During the first half of 2026, Aker’s NAV increased by close to NOK 40 billion after dividends paid, to NOK 106 billion, reflecting a combination of value realization and strong performance across Aker’s portfolio. In the quarter, Aker signed a landmark agreement to sell Cognite to Schneider Electric at an EV of USD 3.1 billion. Following the transaction, Aker’s liquidity reserve will exceed NOK 20 billion.
Aker delivered a total shareholder return of 10 percent in the quarter and 53 percent in the first half of the year, substantially outperforming the Oslo Stock Exchange Benchmark Index and the Brent oil price.
The development was driven by a landmark agreement to sell Cognite to Schneider Electric, continued extraordinary growth in Nscale, and strong results from Aker BP, which this year marks ten years of value creation since its establishment. In addition, Aker today announced an offer to take Aker BioMarine private.
The Cognite transaction is expected to generate NOK 14.7 billion in cash proceeds to Aker and lift Aker’s liquidity reserve to more than NOK 20 billion. Together with a more focused portfolio, this significantly increases Aker’s financial flexibility.
“Aker’s performance in the first half of 2026 demonstrates the strength of our ownership model. NAV increased by close to NOK 40 billion after dividends, driven by value realization, strong performance and continued progress accross our portfolio companies. Following the Cognite transaction, Aker’s liquidity reserve will exceed NOK 20 billion. Combined with a more focused portfolio, this materially increases our capacity to pursue attractive industrial opportunities,” said Øyvind Eriksen, President & CEO of Aker ASA.
Key events Q2-2026
- Aker agreed to sell Cognite to Schneider Electric at an EV of USD 3.1bn, with estimated cash proceeds to Aker of USD 1.48bn
- Nscale signed two major Microsoft contracts in Portugal and Norway for more than 96,000 NVIDIA Rubin GPUs combined
- Nscale secured USD 790m in financing to support the AI data center buildout in Narvik, Norway
- Aker BP delivered net production of 383.6 mboepd in Q2, supported by strong realized oil prices
- Aker BP and Equinor agreed on NCS portfolio swaps aimed at boosting production and value creation
- Aker BP increased its ownership in Johan Sverdrup to 31.72% following a redetermination process
- HMH completed its Nasdaq IPO, Akastor reduced its ownership to 36.2% and paid a NOK 1.5 per share dividend
- Aker Solutions divested its SLB shareholding and paid an additional dividend
Key financials Q2-2026
The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") was NOK 106 billion at quarter-end, after distributing NOK 2.2 billion in dividends. This compares to NOK 110 billion the previous quarter. At quarter-end, Aker's NAV per share was NOK 1,429 and the share price was NOK 1,148, implying a 20 percent discount to NAV.
- GAV: NOK 121.3bn
- Listed investments: NOK 65.9bn
- Unlisted investments: NOK 52.9bn
- Other assets & Cash: NOK 2.5bn
- NAV: NOK 106.1bn
- NAV per share: NOK 1,429
- Share price: NOK 1,148
- Dividend paid: NOK 29.00 per share (NOK 2.2bn)
- Liquidity: NOK 5.7bn*
(*of which NOK 0.8bn cash and liquid funds, and includes undrawn credit facilities)
The webcast presentation will be held today at 09:00 CEST at www.akerasa.com/webcast. All material, including the Excel-file, will be available at www.akerasa.com
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