2025 in Review

Accelerating the next phase of growth
Volue has undergone a strategic transformation becoming a pure play Energy and Power Grid Software company. In the second quarter, the company announced the sale of Scanmatic - a supplier of instrumentation, control systems and advanced signal processing technology. In the third quarter, the company announced the sale of its Infrastructure division which provides digital solutions for water, roads, and municipal infrastructure planning. The company also closed several bolt-on acquisitions during the year. These transactions were important steps to focus the business, reinvest in core product areas, and position the company for the next growth phase.

"Throughout the year, Volue continued strong performance in both terms of growth and margin expansion," says Benjamin Golding, CEO at Arendals Fossekompani.

Improving and developing operations
Tekna maintained its strong position within Aerospace and Defense. In August, Tekna received NADCAP accreditation for metallic powder manufacturing. This achievement represents a watershed moment in the standardization and quality assurance of metallic powder production.

During the year the company also simplified and streamlined the organization, and in April Mr. Claude Jean started as new CEO.

An important milestone was reached during the third quarter, when the company delivered its first positive EBITDA quarter since the IPO. The company also completed a successful rights issue in the fourth quarter, resetting the balance sheet and fully funding its business plan.

This year, ENRX celebrated seventy-five years of innovation. To date, the company has delivered more than 30,000 installations in over 80 countries. Tariffs and market uncertainty resulted in a challenging year for ENRX. The company will continue to reduce costs and maintain strict capital discipline to adapt to the market cycle and improve profitability.

Executing for long-term value creation
Digitalisation and secure connectivity for mission-critical communication continue to drive growth within our company portfolio. NSSLGlobal's bid pipeline, sales, and profitability remained strong throughout the year. 2025 also marked 25 years of ownership, as well as CEO Sally-anne Ray's 25th year at the helm of the company.

"In a business where long-term customer loyalty is essential, Sally-anne consistently does whatever it takes to ensure satisfaction, which is a key reason behind NSSLGlobal's strong company culture and 'sticky' customer base," says Torkil Mogstad, Executive Vice President at Arendals Fossekompani and NSSLGlobal Board Member.

In October, Factlines was sold to Position Green: Position Green is the Nordic leader in ESG software and advisory.


Harnessing the energy of hydropower
Maintaining reliable power production is a top priority for us. In 2025, we started construction on the upgrade of the Flatenfoss hydropower plant which will provide greater safety and more efficient flood management in the years ahead.

The construction of the new Kilandsfoss hydropower plant in Åmli has progressed according to timetable and is expected to be completed by May 2026. In collaboration with the local Nidelva paddling club a unique, customized paddling facility will also be finalized.

"This is a very exciting project, that combines green energy, outdoor recreation and contributes to public health," says Project Manager at Arendals Fossekompani, Camilla Ellefsen.

Creating local impact
This summer, AFK Eiendom launched phase 4 in the development of Bryggebyen. Just ten minutes outside of Arendal city centre, AFK Eiendom is transforming an old shipyard area into a vibrant new urban residential zone known as Bryggebyen. With three phases already completed and residents enjoying the area, Phase 4 introduces 51 new apartments designed with modern living in mind.  

During the year Arendals Fossekompani also supported over 40 various activities and initiatives in the region. Since 1896, we have contributed to building local societies. This year, Arendals Fossekompani supported activities and initiatives such as TedXArendal, ØIFArendal and Arendalsuka.

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Our portfolio companies operate in industries such as vertical software and analytics, satellite communications, induction technology, industrial 3D printing, property and hydropower. Our companies employ over 2,100 professionals across 25 countries.

With over a century of industrial development experience, our investment approach leverages our strengths. We remain focused on cost and profitability, while optimizing our portfolio for long-term value creation. We will continue to do so in the years to come.