Aker Asa A Shs (AKAAF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to Aker's First Quarter Results Presentation for 2026. My name is Fredrik Berger, Head of Investor Relations at Aker. I'm joined by Aker's President and CEO, Eivin Edixson, who will take you through the key highlights and portfolio developments in the quarter. I'm also joined today by Torbjorn Chus, Chief Economist at Aker BP, who will share his perspectives on the energy markets. And finally, Aker's CFO, Sainoskar Soknes, will take you through the financial results in more detail. After the presentation, we will open for questions. You may submit your questions at any time using the chat function. And with that, I hand it over to Ewene Eriksen. Thank you, Fredrik. It's tempting to start with a fun fact that puts things into perspective. When I joined Aker in 2009, our net asset value was NOK18 billion. Today, we are reporting a single quarter, three months only, which added NOK43 billion to our net asset value, and the VAAF share price went up 39% in the same period. Two companies drove the development. Aker BP contributed NOK15 billion to our net asset value and EnScale added 22,000,000,000 following our investment in the Series C capital raise. Beyond record breaking results, the numbers reflect underlying forces. In energy, a structural shift is underway. Geopolitics is no longer episodic, but a persistent part of how energy is priced. Supply is more actively managed, investments has been uneven, and the system's buffer is thinner than it has been for decades. In artificial intelligence, demand for compute continues to run ahead of supply and the gap is not narrowing. This is no longer just about technology. It's about access to power, infrastructure and capacity over time. These are forces shaping our portfolio and driving growth. Aker ...