Aker’s Consequential Quarter: Selling Cognite, Scaling Nscale, and Rebuilding the Portfolio Around AI

A Quarter of Reinvention

Aker ASA reported a genuinely consequential second quarter of 2026, one that pushes the company further from its old-energy roots and squarely into the AI-driven industrial future. Net asset value rose by almost NOK 40 billion in the first half, to NOK 106 billion, after paying NOK 2.2 billion in cash dividends. The engine was a landmark Cognite transaction: the sale of Cognite to Schneider Electric, expected to deliver NOK 14.7 billion in cash proceeds to Aker, lifting total liquidity to more than NOK 20 billion. As CEO Øyvind Eriksen put it, “Cognite has given Aker a front-row seat to one of the most consequential technological developments of our time.” — Øyvind Eriksen, President and CEO · 2026-07-16 The deal values Cognite at NOK 30.8 billion, or 24× annual recurring revenue — the largest industrial-software transaction in Norway and one of the largest in Europe.

The decision to sell was not part of the original plan; in his prepared remarks, Eriksen admitted, “Aker neither planned nor preferred to sell Cognite at this stage.” — Øyvind Eriksen, President and CEO · 2026-07-16 The catalyst was genuine strategic pragmatism: fellow shareholders with different investment mandates saw the offer from a global technology giant as an exit. Aker invested roughly NOK 750 million in Cognite since 2017, so the ~20× return on invested capital, realized in under a decade, underscores the long-horizon value-creation model.

The AI Infrastructure Pivot: Nscale

If Cognite was the exit, Nscale is the commitment. The company has become Aker’s most recent “rocket ship,” with an ownership stake now comparable to the stake in Aker BP. Eriksen emphasized the scale of the opportunity: “Demand for computing continues to accelerate as AI proliferates into every enterprise and workflow, and inference is overtaking training on models.” — Øyvind Eriksen, President and CEO · 2026-07-16 This is the extraordinary growth at Nscale — alongside collaborations with Microsoft, NVIDIA, and Dell — that is driving much of Aker’s unlisted-equity value.

The Nscale strategy is not just to build data centers but to climb the technology stack, offering AI workflows and higher-value services. Eriksen framed it as a natural extension of Aker’s industrial DNA: “We had never ever built a software company when we started Cognite,” but with Nscale, “we have been in energy for generations and can leverage what we learned from Cognite.” The intellectual property is Aker’s proprietary method of combining industrial AI with long-term industrial ownership. When asked about a potential Nscale listing, Eriksen deferred, saying the company should answer that itself, but he pointed out that exposure to Nscale is already available through Aker’s shares.

Aker BP and Energy Security

While AI is the new engine, Aker BP remains the cash cow. The partnership with BP celebrated its 10th anniversary in June. Production has grown from 62,000 to ~400,000 barrels per day, with operating costs of $7.3 per barrel and CO₂ emissions of 2.8 kg per barrel. In the Q&A, Eriksen acknowledged the volatility in oil and gas but stressed a more durable shift: “Trust has become a far more important factor for countries and companies and customers,” a dynamic that favors the Norwegian Continental Shelf and reliable suppliers like Aker BP. That is a strategic moat that price swings cannot erode.

The combination of long-term industrial innovation and entrepreneurial spirit is what makes Aker unique. Building industries is much closer to a decade-long marathon than a quarterly sprint.

Aker BioMarine and the Shape of the Portfolio

The announcement to take Aker BioMarine private is the latest expression of that long-horizon philosophy. With a ~90% global market share in krill oil and constrained supply, the company is seen as entering a phase that requires “active ownership, patient capital, and long-term perspective” — not the short-term pressures of the public market. The NOK 105 per share offer values the equity at NOK 9.2 billion, with Aker Capital already owning 77.7%.

Investors should see this quarter as a genuine inflection. The Cognite divestment alone is expected to generate ~NOK 14.7 billion in cash, bringing Aker’s total liquidity to more than NOK 20 billion — ammunition for the “few” opportunities Eriksen says Aker will commit behind for the long term. In response to a question about the NAV discount, he was blunt: “It’s a buying opportunity.” — Øyvind Eriksen, President and CEO · 2026-07-16 That candidness, backed by hardware — the balance sheet, the AI exposure, and a decade-long track record of turning industrial assets into cash — is why this report stands out.