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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Net Asset Value (NAV): NOK 111.2B (+5% QoQ; +65% YTD)
โข NAV per Share: NOK 1,509 vs. NOK 1,429 QoQ
โข NAV per Share (Nov. 3): NOK 1,550
โข Gross Asset Value: NOK 127.5B
โข Share Price (Nov. 3): NOK 1,120 (~28% discount to NAV)
โข Net Interest-Bearing Debt: NOK 13.8B
โข Net Loan-to-Value: 12%
โข Liquidity Reserve: NOK 4.8B
โข YTD NAV Return: +68.6% including dividends
โข YTD Shareholder Return: +83.5% through Q3
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๐ฏ ๐๐ข๐ฏ๐ข๐๐๐ง๐๐ฌ & ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค
โข Q4 Dividend: NOK 29/share (~NOK 2.2B total)
โข Annual Dividend Policy: 4%โ6% of NAV
โข Expected FY26 Dividend Income: >NOK 6B
โข Cognite Sale: USD 1.48B in proceeds expected upon Q4 closing
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Nscale valued at NOK 32.1B, representing 25% of Akerโs gross asset value and based on its March 2026 Series C valuation
โข Aker holds 22.7% of Nscale, subject to potential future dilution from convertible financing, incentives and IPO-related transactions
โข Nscale filed its S-1 for a proposed NYSE IPO
โข Nscale reports ~$103B in total contract value, ~461,000 contracted and active GPUs, and visibility into 10GW+ of potential power capacity
โข ~360,000 GPUs are NVIDIA Vera Rubin; ~48,000 of ~50,000 active GPUs are Grace Blackwell
โข Nscale secured a $44.6B Anthropic contract and a $3.5B Figure agreement
โข Nscale raised $3.36B in pre-IPO convertible financing and agreed to acquire Anyscale
โข Aker BP contributed NOK 5.8B to Q3 NAV growth including dividends
โข Aker BP production reached 374,300 boe/day, with Valhall PWP-Fenris and Yggdrasil targeting first oil in 2027
โข Cognite sale to Schneider Electric values Akerโs stake at ~NOK 14.7B
โข Aker BioMarine take-private completed October 1, bringing ownership to 100%
โข Listed energy investments contributed NOK 22B to NAV growth YTD, including NOK 5B in dividends
โข Nscaleโs valuation remains based on its last priced funding round, not a public-market valuation
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โRapid growth brings substantial capital requirements, operational complexity and execution risk. Building an industrial platform of this scale takes time, and the path forward will not always be straightforward.โ โ CEO รyvind Eriksen