(Arendal, 14 February 2025) Arendals Fossekompani ASA (OSE: AFK) reported revenue of NOK 1,172 million (1,031 million) and an operating profit (EBIT) of NOK 151 million (67 million) in the fourth quarter of 2024. Ordinary profit after tax but before non-controlling interests (EAT), totaled NOK 3,052 million (-80 million).
The increase in operating profit was largely driven by solid performance across several portfolio companies, with particularly strong growth and operational excellence in NSSLGlobal and ENRX.
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In October, Arendals Fossekompani, Advent International and Generation Management completed the acquisition and delisting of Volue. In the transaction Arendals Fossekompani reduced its shareholding in Volue from 60% to 40%, resulting in a financial gain of NOK 3.3 billion in the quarter. The joint strategic ownership is expected to significantly accelerate Volue’s growth and value creation, thus benefiting Arendals Fossekompani’s shareholders directly.
For the full year, Arendals Fossekompani Group revenue amounted to NOK 4,360 million (3,897 million) with an operating profit of NOK 390 million (444 million).
“We are pleased to report a strong quarter with 14% topline growth and 13% operating margin for the group, despite significantly lower power prices compared to last year. In the year overall we have focused and de-risked the portfolio, positioned Volue to realize its full potential, delivered solid performance in our largest portfolio companies and strengthened our balance sheet,” says Benjamin Golding, Chief Executive Officer at Arendals Fossekompani.
PORTFOLIO HIGHLIGHTS
Volue reported revenue of NOK 444 million (413 million), corresponding to an organic growth of 7% compared to Q4 2023. SaaS revenue reached NOK 157 million, an increase of 45% compared to the fourth quarter of 2023, representing 36% of total revenue. Adjusted EBITDA equaled NOK 107 million (63 million), corresponding to an adjusted EBITDA of 24% (21%). In the quarter Volue implemented a comprehensive restructuring program significantly reducing the operational cost base, paving the way for continued margin expansion. Additionally, Volue acquired PowerBot GmbH, a leading provider of algorithmic trading software. For the full year Volue reported revenue of NOK 1,636 million (1,486 million) and an adjusted EBITDA of NOK 361 million (267 million).
NSSLGlobal reported revenue of GBP 26.9 million (23.5 million), corresponding to an organic growth of 14%. Operating profit in the quarter was GBP 5.6 million (3.1 million), corresponding to a margin of 18% (15%). During the quarter, NSSLGlobal won GBP 18.2 million in contracts across its government and maritime sectors, of which GBP 14.5 million represented new business opportunities. For the full year NSSLGlobal reported revenue of GBP 101.7 million (91.8 million) and operating profit of GBP 18.2 million (16.1 million), representing the highest revenue and operating profit in the company’s history.
ENRX reported total operating revenue of EUR 46.0 million (41.9 million), corresponding to an organic growth of 10%. Operating profit for the quarter was EUR 5.3 million (3.3 million), corresponding to a margin of 11% (8%). The company saw growth in both North American and Asian regions in the quarter, while European sales were lower than Q4 2023. For the full year ENRX reported revenue of EUR 165.4 million (158.0 million) and operating profit of EUR 11.5 million (10.1 million), representing the highest revenue and operating profit in the company’s history.
Tekna reported total operating revenue of CAD 9.6 million (11.4 million). The decline was a result of a 55% decline in Systems revenue, due to low order intake during the year. In contrast, Advanced Materials revenue grew by 14% year-on-year. Adjusted EBITDA in the quarter was CAD -1.4 million (-0.5 million). For the full year Tekna reported revenue of CAD 41.1 million (41.9 million) and operating profit of CAD -8.0 million (-12.4 million).
AFK Vannkraft reported total operating revenue of NOK 96 million (117 million). Hydropower production in the quarter was 148.5 GWh (126.4 GWh). The high production was offset by lower power prices in the NO2 region of EUR 53.5/MWh (EUR 70/MWh). Operating profit for the quarter was NOK 65 million (87 million). Full year revenue was NOK 363 million (511 million) while full year operating profit was NOK 252 million (414 million).
FINANCIAL POSITION
Arendals Fossekompani’s financial position is solid and was significantly strengthened in the quarter. The company’s available cash on 31 December amounted to NOK 914 million. In addition, the company has undrawn credit facilities of NOK 1,985 million, securing available liquidity of NOK 2,899 million as per the end of the
quarter.
DIVIDEND
Arendals Fossekompani will pay a quarterly dividend of NOK 1.00 per share, in line with the company’s quarterly dividend policy.
The board has decided that as of Q2 2025, Arendals Fossekompani will move from announcing dividends on a quarterly basis to announcing dividends on an annual basis. The change is made to enable better long term capital planning and flexibility to create shareholder value as an investment company.
ENDS
For inquiries or additional comments, please contact:
Benjamin Golding, Chief Executive Officer: +47 974 04 496
Hanne Watts, VP Communications & Sustainability: +47 974 04 496
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