Q2 2026 Aker ASA Earnings Call Transcript
Key Points
- 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.
- The company's net asset value increased by nearly NOK40 billion in the first half of the year, reaching a total of NOK106 billion.
- 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.
- 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.
- 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.
- 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.
- Listed investments decreased in value by approximately NOK11 billion in the second quarter.
- The market value of Aker ASA's share price trades at a discount to its net asset value, indicating potential undervaluation by the market.
- The company's net interest-bearing debt increased to NOK13.1 billion from NOK12.7 billion in the previous quarter.
- Operating expenses for the second quarter were high at NOK128 million, reflecting increased activity levels.
Good morning and welcome to the presentation of Aker's second-quarter and half year results 2026.
My name is Fredrik Berge and I am Head of Investor Relations. I'm joined by Aker's President and CEO, Oyvind Eriksen, who will take you through the key highlights and recent developments in the portfolio. Our CFO, Svein Oskar Stoknes, will then take you through the financial results in more detail. After the presentation, we will have a Q&A session.
And with that, I'll hand it over to Oyvind Eriksen.
Good morning, and thank you for attending this presentation in the middle of the summer. Today, we're summing up the second quarter and half year 2026, which has been nothing less than consequential for Aker. A portfolio of investments with core assets at the intersection of energy and artificial intelligence has served our shareholders well.
Aker's total shareholder return was 10% in the quarter and more than 53% in the
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