Akastor ASA (KY7) Q2 2026 Earnings Report

The call highlights several meaningful positive developments: the HMH IPO providing market valuation and liquidity, continued shareholder distributions, NES's strategic acquisition and successful USD 650m refinancing (with potential for a sizable shareholder recap), solid operational performance at AKOFS and DDW (high vessel utilizations), a cash boost from asset realizations (Skandi Emerald) and increased corporate liquidity (net cash up NOK 321m). Offsetting these positives are notable accounting and P&L effects related to the HMH IPO (dilution loss of NOK 120m and negative fair value adjustment), a decline in book equity driven by dividends and IPO accounting, limited consolidated recognition of underlying asset value, and remaining interest-bearing exposures (~NOK 1.0bn). On balance, the fundamentals show strong progress on value realization and liquidity, while near-term accounting impacts and leverage remain watchpoints.

Management guided that Akastor is increasingly shifting from value creation to value realization and will return excess capital to shareholders when realizations occur, approving a fifth consecutive quarterly cash dividend of NOK 0.50 per share (bringing H1 distributions to NOK 1.90), while remaining disciplined on balance-sheet strength; fair value‑adjusted NAV was NOK 4.735 billion (NOK 17.3/share) at 30 June, with net cash up NOK 321 million to NOK 540 million and total available liquidity of NOK 560 million (including NOK 44 million in DDW), and net interest‑bearing items of ~NOK 1.0 billion. Key portfolio metrics underpinning this guidance included HMH revenues of USD 171 million, adjusted EBITDA USD 34 million (20% margin) and a 1.2x book‑to‑bill, Akastor economic ownership ~36.3% (HMH closing share price USD 18.74 implying an HMH fair value of NOK 2.966 billion versus a carrying value of NOK 3.01 billion, a negative FV adjustment of NOK 44 million); NES’s successful USD 650 million bond creates capacity for up to USD 350 million of dividend recapitalization (Akastor’s equity stake ~15% and it expects a pro‑rata share subject to conditions); AKOFS reported Q2 revenue USD 44 million and EBITDA USD 16 million with vessel utilizations of 98% (Aker Wayfarer), 93% (Seafarer) and 86% (Santos) and a refinancing targeted in H2; and DDW realized Skandi Emerald for USD 23 million, left one vessel (Skandi Peregrino at 98% utilization, firm until Nov 2026), with DDW contributing NOK 156 million revenue (including NOK 101 million gain) and NOK 113 million EBITDA in the quarter.