This article first appeared on GuruFocus .
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Total Shareholder Return:10% in the quarter, 53% in the first half of the year.
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Net Asset Value:Increased by NOK40 billion in the first half to NOK106 billion.
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Liquidity:Expected to exceed NOK20 billion after Cognite transaction.
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Dividends Received:NOK2.8 billion in the second quarter.
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Listed Equity Investments:Valued at NOK66 billion, 54% of total assets.
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Unlisted Equity Investments:Valued at NOK53 billion, 44% of total assets.
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Cash Balance:NOK0.7 billion at quarter end.
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Gross Asset Value:NOK121.3 billion.
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Net Asset Value per Share:NOK1,429.
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Value-Adjusted Equity Ratio:88%.
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Loan-to-Value Ratio:12%.
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Profit Before Tax:NOK2.3 billion for the quarter.
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Operating Expenses:NOK128 million for the second quarter.
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Dividend Income:Close to NOK2.9 billion for the second quarter.
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Warning! GuruFocus has detected 4 Warning Signs with FRA:008.
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Release Date: July 16, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Aker ASA ( AKAAF ) achieved a total shareholder return of 10% in the second quarter and over 53% in the first half of 2026, significantly outperforming the Oslo Stock Exchange benchmark index.
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The company's net asset value increased by nearly NOK40 billion in the first half of the year, reaching a total of NOK106 billion.
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The sale of Cognite to Schneider Electric is expected to generate NOK14.7 billion in cash proceeds, boosting Aker ASA's total liquidity to more than NOK20 billion.
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Aker BP, a key asset, has delivered an average annual shareholder return of approximately 25% over the past decade, with production growth from 62,000 to nearly 400,000 barrels of oil equivalent per day.
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Nscale, a recent investment, is rapidly growing through partnerships with major tech companies like Microsoft and NVIDIA, positioning itself as a leader in AI infrastructure.
Negative Points
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Aker BP's value declined by NOK7.7 billion or 16% after dividend due to a 29% drop in Brent oil prices during the quarter.
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Listed investments decreased in value by approximately NOK11 billion in the second quarter.
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The market value of Aker ASA's share price trades at a discount to its net asset value, indicating potential undervaluation by the market.
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The company's net interest-bearing debt increased to NOK13.1 billion from NOK12.7 billion in the previous quarter.
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Operating expenses for the second quarter were high at NOK128 million, reflecting increased activity levels.
Q & A Highlights
Q: Aker delivered an exceptional NAV increase of NOK40 billion in the first half of the year. Following the Cognite transaction, Aker's liquidity position will exceed NOK20 billion. Could you share your reflections on this strong position and the potential use of proceeds? A: It is the result of a long-term strategy and a lot of hard work by the team. It illustrates how Aker operates to grow net asset value by building great companies like Aker BP and continuing with extraordinary growth at Nscale. We are boosting cash flow through predictable dividends and transactions like the Cognite deal. This is the result of a long-term strategy and effort.
Q: Regarding the closing of the Cognite transaction expected in Q4, is it subject to any specific hurdles or just normal regulatory approvals? A: It's an extraordinarily clean deal and only subject to regulatory approvals required by law. There is no transaction risk.
Q: The Aker share price trades at a discount to net asset value. How does the Cognite transaction demonstrate Aker's ability to realize higher than reported NAV values for unlisted assets? A: It's a buying opportunity. The gap between market cap and net asset value has been more narrow recently. The share price reaction to the Cognite divestment will be reported in the third quarter.
Q: How does Nscale fit into Aker's long-term portfolio strategy, and what do you expect from it going forward? A: Nscale fits well into our industrial capabilities. We have been in energy for generations and are leveraging what we learned from Cognite. Nscale aims to grow higher in the technology stack and provide AI capabilities, offering real value to customers.
Q: How do you view the outlook for the oil and gas markets and Aker BP's position, especially with the conflicts in the Middle East? A: The volatility in oil and gas is high and hard to predict. However, trust has become more important, benefiting the Norwegian continental shelf and companies like Aker BP as reliable suppliers of oil and gas.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
