Aker Horizons Asa (AKHOF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of Auker's fourth quarter results for 2025. My name is Christina Chardim and I am the head of communications at Auker. I am joined in the studio today by our president and CEO, Eivind Erikson, who will walk you through the key highlights and recent developments across the portfolio. We are also fortunate to have Josh Payne, founder and CEO of Emscale with us, to give an update on this exciting company. Our chief financial officer, Sven-Oskar Stoknes, will then take you through the financial results in more detail. After the presentation, we'll host a Q&A. And with that, I'll hand it over to Eivind. Thank you, Kinstina, and good morning, everyone. 2025 was a pivotal year. Aker became a more focused industrial owner with greater scale in fewer platforms, and a portfolio positioned to deliver through cycles. That comes through clearly in our full year results. Net asset value closed at 67.3 billion kr, up 22.4% for the year if you add the 3.9 billion kr Aker paid in dividends. Total shareholder return was nearly 50%, a strong reflection of both underlying delivery and the choices we made during the year. Dividend income of 6 billion kroner continued to form the financial backbone of Aker, supporting predictable returns while giving us the freedom to invest where long-term ownership makes a difference. We also saw clear progress across the portfolio. Our listed holdings grew 28%, reflecting strong delivery from companies that remain central to Arcus' long-term industrial foundation. And our unlisted holdings, including technology platforms like Cognite and Enscale, grew 33%, and is moving forward in ways that increase scale and strategic relevance. Taken together, 2025 strengthened Aker both financially and operationally, whil...