Aker Horizons ASA

Latest Results (09.11.2025):

Aker Horizons ASA reported its Q1 2025 financial results, highlighting a net capital employed of NOK 4.3 billion—a decrease of NOK 1.7 billion from Q4—primarily due to dividend distributions from Aker Carbon Capture (ACC) and adjustments from its portfolio companies. The company maintained a robust cash position of NOK 4.1 billion, despite the expiry of its undrawn EUR 500 million credit facility, while also advancing several pivotal developments across its green energy and technology portfolios.

Financial Position

In Q1 2025, Aker Horizons ASA’s net capital employed was NOK 4.3 billion, down from the previous quarter, and the cash position held at NOK 4.1 billion underscores its strong liquidity. The decline in net capital employed was primarily driven by dividend payments from ACC (NOK 1.26 billion in March and NOK 0.26 billion in May) and portfolio adjustments.

Portfolio Developments

Key portfolio activities include ACC’s dividend payout, which contributed significantly to the capital adjustment, and the receipt of an earn-out of NOK 71 million from SLB on the Hafslund Celsio contract award. Additionally, Mainstream Renewable Power (MRP) completed its refinancing, securing growth funding for projects in South Africa and the sale of a 675 MW portfolio in Colombia to Celsia, along with the appointment of a new CEO and the relocation of its headquarters.

Technology and Strategic Initiatives

Aker Horizons ASA is also pushing forward on technology frontiers. SuperNode successfully completed initial full-scale testing of its superconducting system, with further demo plans underway for mid-2025. Moreover, the company is exploring new opportunities in developing data centers in northern Norway at the ready-to-build Kvandal site, and it is progressing on the Narvik Green Ammonia project pending clarity on grid capacity enhancements.