As a result, Europe has accelerated investment in defence, energy independence and strategic autonomy. These market developments are creating both threats and opportunities for Arendals Fossekompani. Our response is to remain focused on long term value creation through continued execution of our key priorities: Developing our existing companies,optimising our portfolio, and capturing structural opportunities.
Optimising our portfolio and capturing structural opportunities
After the close of the fourth quarter, we announced that TA Associates will join as a new strategic investor in Volue. The transaction values Volue at approximately EUR 1.5 billion (NOK 17 billion) on a 100% basis, and Arendals Fossekompani’s holding at NOK 6 billion, while further strengthening Volue’s M&A capacity and talent attraction power. The transaction crystalised value for our shareholders and was a strong validation of Arendals Fossekompani’s tried and proven approach to long-term value creation.
During the year, we also took measures to further focus and de-risk the portfolio. As part of this, we initiated a process to divest the majority of ENRX' Charge business, which was completed after the close of the fourth quarter. The transaction reduced ENRXs’ exposure to early phase markets, reduced complexity, and freed the group to focus fully on its Heat business. In line with communicated strategy, we also reduced our exposure to early-phase investments, dissolving the Alytic team, selling Factlines to Position Green, and recognising impairments on several early-phase engagements. These actions allow us to focus our attention on what we do best: active industrial ownership of technology companies in the growth equity phase.
Developing value in our existing companies
Group consolidated revenue for 2025 totalled NOK 3.7 billion compared with NOK 4.4 billion in 2024. The decline reflectedweaker market conditions for ENRX, the ongoing business model transition in NSSLGlobal and lumpy property sales in 2024, which were not repeated in 2025. Group consolidated operating profit (EBIT) ended at NOK -19 million and was heavily influenced by impairments and provisions related to the divestment of ENRX’ Charge business. Adjusted for these effects, the operating profit was NOK 207 million, corresponding to a 6% margin, indicating a mixed underlying portfolio performance.
Volue delivered revenue growth and margin expansion, cementing its position as a leading provider of energy software in Europe. The company completed its transformation into a pure-play Energy and Power Grid software business, divesting Scanmatic and the Infrastructure division, while acquiring SmartPulse, Quorum and HAKOM Time Series to deepen its European platform. After the year's close, Stephan Sieber was announced as new CEO.
NSSLGlobal delivered another year of healthy profitability, with strong margins, new contracts across maritime,government and defence sectors, and the continued deep trust of its demanding customers. As defence spending accelerates across Europe, NSSLGlobal is well positioned to capture these structural opportunities. 2025 marked 25 years of AFK’s ownership and 25 years of leadership by CEO Sally-Anne Ray. That kind of continuity is not incidental to NSSLGlobal’s success. It is the foundation of it.
ENRX had a challenging year, with the heating market being hit by tariff uncertainty and slower-than-expected progress in the Charge business, putting significant pressure on results. Decisive measures were taken during the year to address the situation, including significant personnel and material cost reductions. The divestment of Charge will enable the company to focus fully on its core business.
Tekna continued to strengthen its position within Aerospace and Defence. After years of disciplined profitability work, the company delivered two consecutive quarters of positive EBITDA and achieved a record high order intake in the Materials business. Tekna has conducted internal restructuring and cost optimising, and the business is now well positioned to capture the expected growth ahead. In April, Claude Jean joined as new CEO, bringing deep technical understanding, leadership skills and operational experience. Tekna also completed a refinancing of the company including new bank financing and a NOK 300 million rights issue, resetting the balance sheet and fully funding the company for the journey ahead.
AFK Vannkraft had another strong year driven by efficient operations and favorable prices. Construction of the new Kilandsfoss power plant is on schedule for starting production in 2026, adding approximately 38 GWh of annual capacity, which Arendals Fossekompani owns a third of. Hydropower is the foundation upon which this company was built, and it continues to generate stable cash flow underpinning everything else we do.
Looking ahead
We end the year in a strong position with NOK 2.8 billion in available liquidity and an equity ratio of 85% in the parent company, and a more focused and resilient portfolio. The one-off items that burdened 2025 are behind us. Heading into 2026, we celebrate 130 years of energising technology, companies, and communities. Not many businesses have the vitality to celebrate such a milestone. We are moving forward with strong momentum and an exciting scope of opportunities on the horizon. Our stance is solid, and we remain focused on growth and robustness in all our businesses. I want to thank our employees for their impressive execution and our shareholders for their continued trust and support.
Benjamin Golding
Chief Executive Officer, Arendals Fossekompani
