Treasury
The Treasury department’s responsibilities include managing the liabilities side of Aker ASA’s balance sheet, particularly debt financing of Aker ASA and Holding companies, interest rate and currency hedging, and advising the operating companies on financing and capital structure. The unit also manages interest and currency risks that arise in our daily business activities.
Financial Objectives
Deliver competitive total returns to shareholders on a year-over-year basis.
Maintain a strong and resilient balance sheet to protect the company from adverse portfolio developments and market fluctuations.
Preserve a solid liquidity buffer to ensure financial flexibility—enabling the company to act swiftly on strategic opportunities and withstand periods of market downturn.
Sustain annual dividend distributions equivalent to 4–6% of the company’s value-adjusted equity, reinforcing long-term shareholder value.
Debt Strategy
-
Maintain investment grade rating with strong financial metrics:
- Net LTV below 20% through the cycle with normalized target of 10-15%
- Balancing cash inflow and outflow at Aker ASA and holding companies
- Solid liquidity reserves to cover debt
- Parameters may fluctuate over time, but remain long term targets over business cycles
- Long-term funding profile
- Financial flexibility to optimize timing of refinancing activities
- Open dialogue with bond and bank market
- Portfolio companies financed independently from Aker
Green Finance Framework
Aker ASA and Aker Horizons with subsidiaries
The Green Finance Framework has been verified by DNV GL and enables Aker ASA and its affiliated company Aker Horizons ASA to finance investments which contribute to climate friendly activities and a sustainable environment with Green Bonds and Loans.
Aker’s Credit Framework
Interest-bearing Items
Aker ASA and holding companies held net interest-bearing debt including liquid funds of about NOK 12.7 billion as per 31 March 2026.
| Main interest-bearing receivables of MNOK 1 333 are as follows: | 31/03/2025 |
|---|---|
| Cognite Holding BV | 614 |
| Aker Property Group | 92 |
| Various others | 626 |
| Total main interest-bearing receivables | 1 333 |
Debt
Total debt in Aker ASA and Holding companies as of 31 March 2026 is as follows (the bond loan agreements are attached to the links below):
| Ticker | Issue | Maturity |
Loan term (years) |
Coupon |
Loan amount (MNOK) |
Outstanding Amount 1 (MNOK) |
|---|---|---|---|---|---|---|
| Bonds |
|
|
|
|
|
|
| Green Bond AKER16 | 27.09.2022 | 27.09.2027 |
5 |
N3M+275 |
1 300 |
1 300 |
| Green Bond AKER17 | 27.09.2022 | 27.09.2027 |
5 |
6.28% |
700 |
700 |
| Green Bond AKER18 | 17.11.2022 | 17.11.2029 |
7 |
6.50% |
500 |
500 |
| Green Bond AKER19 | 22.11.2022 | 22.11.2032 |
10 |
6.30% |
500 |
500 |
| AKER20 | 15.01.2024 | 15.01.2029 |
5 |
N3M+187 |
1 250 |
1 250 |
| AKER21 | 15.04.2024 | 15.04.2031 |
7 |
N3M+180 |
500 |
500 |
| Total Bonds Aker ASA |
|
|
|
|
4 750 |
4 750 |
| Revolving Credit Facilities 2) | 2022-2024 | 2029-2030 | (3-5) |
15 000 |
10 165 |
|
| Capitalised loan fees etc. |
|
|
|
|
-53 |
-53 |
| Total bank debt Aker ASA |
|
|
|
|
14 947 |
10 112 |
| Total debt Aker ASA and holding companies |
|
|
|
|
19 697 |
14 862 |
1) Loan amount drawn, less own bonds and/or repayments
2) Revolving credit facilities (RCF) of NOK 15 bn at 3-5 y maturity, with up to two annual extension options
Bond prospectus
Click to read: Base Prospectus Final Terms Aker ASA Jun 2024
Click to read: Listing Prospectus Aker ASA Dec 2022
Treasury Contact
Aker ASA treasury contact: [email protected]
Learn More About Aker
The Aker Share
Reports and Presentations
Sustainability
Sustainability is an integral part of Akers investment strategy and active ownership.