In the first half of 2025, Aker ASA recorded a 24.1% increase in its share price including dividends, clearly outperforming the OSEBX benchmark index, which advanced 13.8% over the same period, according to Aker ASA on July 16. Net asset value per share reached $84, up from the end of 2024. The dividend paid for the period amounted to $2.49 per share.
Diversified portfolio and real estate growth
Aker ASA strengthened its real estate investments through Aker Property Group, with stakes acquired in Samhällsbyggnadsbolaget i Norden AB (SBB) and Public Property Invest ASA (PPI). As of June 30, the combined value of these investments stood at $292mn, up from the time of the transaction announcements in May. The total value of the group’s portfolio amounted to $7.18bn, with 72% in listed equities, 17% in unlisted assets, and 11% in cash and other assets.
The company now transparently separates listed ($5.15bn) and unlisted ($1.25bn) assets, providing clearer visibility on value creation across its portfolio.
Restructuring and major transactions
Aker continued to simplify its structure, addressing Aker Horizons’ refinancing needs and consolidating ownership of SLB Capturi by acquiring a 20% stake. This transaction resulted in a significant liquidity event for Aker Carbon Capture shareholders, with $491mn in dividends paid out. The listing of Solstad Maritime on Euronext Oslo in May also marked a milestone for the group.
At the same time, the sale of Philly Shipyard to Hanwha was accompanied by a total dividend of $85mn, while AMSC completed a distribution in kind of its 19.6% stake in Solstad Maritime, valued at $198mn.
Financial results and risk management
Aker BP, the group’s main listed asset, reported an average production of 415,000 barrels of oil equivalent per day in the second quarter, while finalising the investment for Johan Sverdrup Phase 3. Consolidated pre-tax profit for Aker ASA stood at $207mn for the half-year, down from the previous year, mainly due to value adjustments on certain assets.
Aker ASA remains exposed to an environment marked by volatile energy prices, currency fluctuations and regulatory changes, relying on a proven risk management model and a robust capital structure.
Focus on technology and digital infrastructure
The group is also maintaining its investments in technology and digital infrastructure with Cognite, which continues to advance in artificial intelligence for industry, and Seetee, holding 754 Bitcoins valued at around $75mn. An “AI factory” project in Narvik, with a 230 MW capacity, is in preparation, leveraging Norway’s abundant energy resources to meet the growing demand for data centres.
Aker’s dividend policy remains set at an annual rate of 4 to 6% of net asset value, offering clear visibility on expected shareholder returns amid shifting global markets.
