olivLaw · European equity research
Aker ASA AKER.OL
Norway · Euronext Oslo Børs · ISIN NO0010234552 · Vertical: Listed companies from Norway
Aker ASA is an industrial investor that manages a portfolio of companies in energy, digitalisation and artificial intelligence, property and marine biotechnology, and relies mainly on dividends from its energy holdings. In the latest year the group has shifted focus toward capital-intensive, higher-growth assets such as AI infrastructure, which makes the portfolio's development worth following. Annual dividend income of over NOK 6 billion remains the funding base.
At the close of 05 Nov 2026, Aker ASA (AKER.OL) stock was 1,088.00 NOK (−5.56% on the day), with market capitalisation 80.8 bn NOK, P/E 20.6 on diluted EPS of 52.91 NOK over the last 12 months, dividend yield 9.76%, beta 0.22, 52-week range 724.00–1,624.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 26.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 1,049.58 – 1,350.42
- in the lower half of the band · %B 0.13 · band width 25.1%
- SMA 50 / 200
- 1,385.28 / 1,192.56
- mixed trend
- MACD (12, 26, 9)
- -72.52 / -72.64
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −23.6% | +0.4% | −24.0 pp | — |
| 3 months | −16.6% | −3.3% | −13.3 pp | — |
| 6 months | −0.4% | +4.0% | −4.3 pp | — |
| Year to date | +41.7% | +8.1% | +33.6 pp | — |
| 1 year | +36.3% | +10.7% | +25.6 pp | −6.5% |
| 3 years | +58.4% | +50.1% | +8.3 pp | +12.9% |
| 5 years | +28.6% | +43.6% | −15.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 5.7, median 14.5, max 15.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.7 bn | 12.9 bn | 18.4 bn |
| Revenue YoY | unavailable | +92.0% | +42.5% |
| Net income | 3.2 bn | 7.2 bn | 3.9 bn |
| Net income YoY | unavailable | +122.5% | −45.4% |
| Diluted EPS | 43.54 | 96.86 | 52.91 |
| Diluted EPS YoY | unavailable | +122.5% | −45.4% |
| net % | 48.2% | 55.9% | 21.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.9 bn NOK
- Financial debt
- 38.7 bn NOK
- Net debt
- 35.8 bn NOK
- Equity
- 51.0 bn NOK
- Total assets
- 99.6 bn NOK
- Debt / equity
- 0.76x
- Current ratio
- unavailable
- ROE
- 6.8%
- ROA
- 3.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.7 bn | 12.9 bn | 18.4 bn | esef· 21 Oct 2026verified |
| Operating income | -9.4 bn | -588.0 m | 3.4 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 1.2 bn | 1.2 bn | 1.5 bn | esef· 21 Oct 2026verified |
| EBITDA | -8.2 bn ≈ | 583.0 m ≈ | 5.0 bn ≈ | esef· 21 Oct 2026derived |
| Interest expense | 3.6 bn | 3.9 bn | 4.0 bn | esef· 21 Oct 2026verified |
| Pre-tax income | -754.0 m | 1.9 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Income tax | 477.0 m | 181.0 m | -237.0 m | esef· 21 Oct 2026verified |
| Net income | 3.2 bn | 7.2 bn | 3.9 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 43.54 | 96.86 | 52.91 | esef· 21 Oct 2026verified |
| Dividend per share | 30.00 | 64.92 | 106.18 | esef· 21 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.4 bn | 12.6 bn | 2.9 bn | esef· 21 Oct 2026verified |
| Receivables | 3.9 bn | 5.0 bn | 4.4 bn | esef· 21 Oct 2026verified |
| Inventories | 2.7 bn | 2.2 bn | 1.7 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 21.3 bn | 29.9 bn | 27.7 bn | esef· 21 Oct 2026verified |
| Total assets | 88.8 bn | 108.4 bn | 99.6 bn | esef· 21 Oct 2026verified |
| Long-term debt | 25.3 bn | 31.8 bn | 38.7 bn | esef· 21 Oct 2026verified |
| Total liabilities | 38.0 bn | 44.1 bn | 48.5 bn | esef· 21 Oct 2026verified |
| Equity | 50.8 bn | 64.2 bn | 51.0 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 74.3 m | 74.3 m | 74.3 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 9.7 bn | 4.5 bn | esef· 21 Oct 2026verified |
| Investing cash flow | -2.4 bn | 4.6 bn | -11.4 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -4.1 bn | -10.4 bn | -2.6 bn | esef· 21 Oct 2026verified |
| Dividends paid | 2.2 bn | 4.8 bn | 7.9 bn | esef· 21 Oct 2026verified |
| Share repurchases | -3.0 m | 0 | 93.0 m | esef· 21 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 34 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 80.8 bn NOK
Key indicators
Coverage and freshness
Score by group
- Quality54
- Returns100
- Valuation24
- Balance sheet0
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Unattractive profile · Score 34/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.4% | 32 (vs peers) | 17% |
| Net margin · Quality | 21.4% | 92 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 7.2x | 0 (vs peers) | 17% |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 20.6x | 47 (vs peers) | 17% |
| EV/EBITDA · Valuation | 23.5x | 0 (vs peers) | 17% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 9.9% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality54/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation24/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AKER ASA (AKER.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 18.4 bn NOK in 2025; YoY growth 42.5%; net margin 21.4%; ROE 7.9%; net debt/EBITDA 7.2x.
The estimated value range is 447.84–1,286.69 NOK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 905.84 NOK, the price of 1,088.00 NOK leaves a potential of -16.7% (value / price − 1) and a margin of safety of -20.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 34/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 21.4%
- Shareholder yield (distributions): 9.9%
What contradicts it
- Net debt / EBITDA: 7.2x
- Interest coverage: 0.9x
- EV/EBITDA: 23.5x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Current ratio, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 80.8 bn | 20.6 | 7.9% | 21.4% | +42.5% | +38% / +61% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +9% / +70% |
| ELK.OLElkem Asa | 19.0 bn | 38.9 | 1.9% | 2.7% | −15.7% | +8% / +71% |
| ATEA.OLAtea Asa | 18.7 bn | 21.7 | 19.7% | 2.3% | +8.1% | +13% / +38% |
| AKSO.OLAker Solutions Asa | 17.9 bn | 7.0 | 22.5% | 4.1% | +19.2% | +21% / −10% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 24.9 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +30% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.4 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 62.0 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.8 | 34.9% | 16.8% | +12.4% | −12% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −17% / −9% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.3 bn | 10.3 | 30.1% | 16.1% | +32.3% | −54% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 227.8 m | 4.6 | 22.1% | 9.3% | +15.7% | −35% / −56% |
| DELIA.OLDellia Group Asa | 72.9 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.2 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −41% |
1- and 3-year price returns: for AKER.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 710.97 Total return -30% · Per year -30% | 1,251.20 Total return 21% · Per year 21% | 1,876.80 Total return 79% · Per year 79% |
| 3 years | 843.32 Total return -9% · Per year -3% | 1,654.71 Total return 72% · Per year 20% | 2,702.59 Total return 173% · Per year 40% |
| 5 years | 1,000.31 Total return 17% · Per year 3% | 2,188.36 Total return 139% · Per year 19% | 3,891.73 Total return 308% · Per year 32% |
- Exit P/E± 413.68
- Net margin± 289.57
- Annual revenue growth± 215.97
- Annual dilution± 24.33
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Aker ASA is an industrial investor that manages a portfolio of companies in energy, digitalisation and artificial intelligence, property and marine biotechnology, and relies mainly on dividends from its energy holdings. In the latest year the group has shifted focus toward capital-intensive, higher-growth assets such as AI infrastructure, which makes the portfolio's development worth following. Annual dividend income of over NOK 6 billion 1 remains the funding base.
SWOT
Strengths
- Recurring dividend income from energy holdings that funds new investments.
- Diversified portfolio across four areas, with independent companies and their own management.
- Anchor contract with a large customer for the Kvandal data-centre project.
Weaknesses
- Reliance on energy dividends to fund the growth strategy.
- Many projects are still in development, with uncertainty over execution.
- Important holdings are not consolidated, which makes a full assessment of performance difficult.
Opportunities
- Rising demand for AI infrastructure could support expansion of the Nscale projects.
- Nordic property markets offer acquisition opportunities for critical assets.
- Possible listings or transactions of holdings could generate liquidity for the group.
Threats
- Lower commodity prices could reduce dividends received from energy.
- Tighter financing conditions could slow new investments.
- Dilution of the Nscale stake could reduce value for shareholders if projects do not develop as planned.
Risks
- Dilution of the Nscale stakehigh
The announced transactions could significantly reduce the group's stake in Nscale, changing its economic benefit from the project.
- Dependence on dividendsmedium
If energy dividends fall, funding for new investments could be limited.
- Access to financingmedium
Refinancings and new transactions depend on capital-market conditions, which can be volatile.
- Dependence on a large counterpartymedium
A contract with a single large customer creates concentration, and delays or changes to it could affect the growth plan.
Investment thesis
What would need to be true (bull case)
- If the AI infrastructure projects develop as planned, group value could rise significantly, based on large contracts and the position in Nscale.
- Energy dividend flow provides a stable financial base for new investments.
- A more concentrated and less cyclical portfolio could reduce volatility of long-term results.
What would break the thesis
- If energy prices fall, dividends could reduce the group's capacity to fund new projects.
- Dilution in Nscale could limit the benefit to Aker shareholders if the project does not reach its potential.
- The complex structure of holdings makes it difficult to assess the real value, especially for unconsolidated companies.
What to watch
- Completion of the dilution transaction and the new Nscale structure2026
- Progress in securing grid connections for the ten sites2026
- Outcome of the strategic sale process at Aker BioMarine2026
- Possible Nasdaq listing of HMH and use of proceeds for Akastornext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Aker ASA is an industrial investor with a portfolio of independent companies it owns and actively manages in four areas: energy, digitalisation and artificial intelligence, property and marine biotechnology. Its business model combines controlling and minority stakes, which the group develops through governance, financing, restructuring and mergers and acquisitions 1. Main income comes from dividends from energy holdings, which are not consolidated in the accounts but fund new investments.
The group's structure has been simplified in recent years, with an emphasis on fewer but larger companies and on investments that generate cash for the parent company 1. Changes in the reporting year included the sale of Philly Shipyard in December 2024 and the merger of Aker Horizons into Aker 1. These moves aim to reduce exposure to cyclical and hard-to-decarbonise sectors.
Group funding depends on three sources: dividends received, asset sales and bank or bond-market borrowing 1. The ability to invest in new areas depends on sustaining cash flow from energy, which keeps the group sensitive to commodity price cycles even as the portfolio diversifies 1.
Segments
Energy
Energy remains the core of the portfolio and the main source of realised value through dividends and cash. Energy holdings have enabled capital allocation to new areas and supported the group's financial flexibility 1. Dividends from these holdings have exceeded NOK 6 billion a year 1.
Digitalisation and artificial intelligence
Through Aker Nscale, a 50/50 joint venture set up to develop AI data centres in northern Norway, the group invests in AI infrastructure 1. The USD 6.2 billion Microsoft contract for the Kvandal data centre and a portfolio of ten sites show the project's scale 1. Aker's stake in Nscale could fall to about 22.7 percent on a fully diluted basis after the announced transactions 1.
Market context
Aker ASA operates as an industrial investor in Norwegian energy markets, the AI data-centre market and Nordic property markets. Developments in these markets directly affect the value of the holdings and the group's capacity to distribute dividends 1. If demand for AI infrastructure keeps growing, the Nscale projects could become a larger part of the group 1.
The energy market remains important for cash flow, but the group describes a reduced correlation between its value and commodity prices, which points to lower exposure to short cycles 1. The portfolio structure suggests a mix of cash-generating assets and longer-term growth investments 1.
Trends
- Demand for AI infrastructuretailwind
Development of AI data centres in northern Norway relies on renewable energy and a cold climate, which could attract large customers 1. If demand continues, the projects could support group value over the longer term 1.
- Shift from energy to growth sectorsmixed
The group is moving its focus from energy toward AI, industrial software and property, which reduces dependence on commodity price cycles 1. This transition may reduce volatility but also means reliance on new projects that carry execution risk 1.
- Portfolio consolidationmixed
The sale of Philly Shipyard and the merger of Aker Horizons into Aker point to a strategy of concentrating on fewer, larger companies 1. Consolidation may simplify management but reduces near-term diversification 1.
- Access to financingheadwind
The refinancing of the Aker BioMarine bond through a term loan and the preparation of further capital transactions show that access to funding remains an important factor 1. If financing conditions worsen, investment plans could be affected 1.
Competitive position
Aker ASA competes for capital and projects with other industrial investors and private equity funds, especially in AI infrastructure and data centres. The annual report does not explicitly name competitors, so comparisons should be treated with caution 1.
The group's edge lies in combining industrial experience, dividend access and the ability to structure partnerships such as Aker Nscale 1. Competitive pressure could rise if other investors focus on the same AI projects 1.
- Norwegian industrial holding investors
Groups with diversified industrial holdings, comparable as a business model, but not identified explicitly in the source.
- Digital infrastructure funds
Investors financing data centres and AI infrastructure, potential rivals for the same projects and partners.
- Nordic property funds
Investors active in Nordic property markets, competing for the same assets held by Aker Property Group.
- AI data-centre providers
Companies building similar AI capacity, competing to attract large customers for the Nscale projects.
News & filings
In the press
- Aker Shares Climb After Nscale Gets $45 Billion ContractYahoo Finance — News · 27 Aug 2026 · EN
- Aker BP begins production from Skarv Satellites in Norwegian SeaYahoo Finance — News · 26 Aug 2026 · EN
- Equinor, Aker BP and Vår Energi launch NCS exploration allianceYahoo Finance — News · 25 Aug 2026 · EN
- Equinor and Aker BP Make New North Sea Gas DiscoveryOil Price · 24 Aug 2026 · EN
- Equinor and Aker BP Make New North Sea Gas DiscoveryYahoo Finance — News · 24 Aug 2026 · EN
- Aker BP Gains 2.2 Million Barrels With Tiny Stake IncreaseOil Price · 08 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Aker ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.