Slide 1: 1Q 2022
1Q 2022 Fornebu, May 3, 2022 Kjetel Digre and Idar Eikrem Photo: Jan Arne Wold and Elisabeth Sahl / Equinor 2022 © Aker Solutions
Slide 2: 1Q 2022 | Solid Performance
1Q 2022 | Solid Performance Revenue Excluding special items EBITDA Excluding special items Financials and Outlook 8.3 NOK BILLION 583 NOK MILLION ■ On-track with strategy and targets 10 600 ■ Top and bottom lines increased year-on-year 8 400 ■ Continued high FEED and tendering activity across segmen
Slide 3: 1Q 2022 | Operational Highlights
1Q 2022 | Operational Highlights Photo: Equinor Njord A: Platform Upgrade Johan Castberg: FPSO Installation Johan Castberg: Turret Installation Johan Castberg: Subsea Trees 2022 © Aker Solutions First-Quarter Results 2022 May 3, 2022 Slide 3
Slide 4: 1Q 2022 | Operational Highlights
1Q 2022 | Operational Highlights Photo: Northern Lights JV Northern Lights: CO2 Storage Hywind Tampen: Floating Offshore Wind Photo: Siemens Energy Photo: Aker BP Sunrise Wind: HVDC Platform Decommissioning: Gyda, Valhall, Hod 2022 © Aker Solutions First-Quarter Results 2022 May 3, 2022 Slide 4
Slide 5: 1Q 2022 | New Orders
1Q 2022 | New Orders Photo: OKEA Electrification, Maintenance and Modifications Three-year extension of maintenance and modifications frame agreement with Equinor Seven-year extension of maintenance and modifications frame agreement with OKEA NOK 4.5 billion Growth in scope on several existing
Slide 6: NOK 80 Billion of Tendering
45 NOK BILLION 14 NOK BILLION 11 NOK BILLION 2 NOK BILLION 8 NOK BILLION NOK 80 Billion of Tendering Significant Activity Growth Expected on the NCS1 USD billion 29 30 Sactioned (USD billion) Rystad estimate (USD billion) 25 Close to 20% Related to Energy Transition 20 15 10 16 13 12 15 10 7 7 7 5 4
Slide 7: Outlook
Outlook ■ Well positioned in key growth markets ■ Capitalize on near-term cyclical recovery ■ Well positioned to capitalize on longer-term structural changes in the energy markets ■ Tendering for NOK 80 billion and high ongoing FEED activity ■ Supporting the potential for record-high order intake in
Slide 8: Financial Performance
Financial Performance Idar Eikrem, CFO 2022 © Aker Solutions Photo: Jan Arne Wold and Elisabeth Sahl / Equinor
Slide 9: 1Q 2022 | Solid Financial Performance
1Q 2022 | Solid Financial Performance NOK million 1Q 2022 1Q 2021 4Q 2021 2021 Financials continue on-track with targets, with a Revenue Revenue ex. special items 8,291 8,301 6,470 6,469 8,668 8,666 29,473 29,464 strong financial position ■ Revenue1 of NOK 8.3 billion EBITDA 598 429 583 1,842 EBITDA
Slide 10: Solid Finances – Net Cash Position of NOK 3.3 billion
Solid Finances – Net Cash Position of NOK 3.3 billion 2 Working capital1 at minus NOK 2,791 million Debt Maturity Profile2 NOK billion ■ Improvement from 4Q driven by continued increasing progress triggering milestones and pre-payments from customers 6 Undrawn revolving credit facility Drawn debt 5.
Slide 11: Renewables and Field Development
Renewables and Field Development Revenue EBITDA and Margin1 ■ Revenue of NOK 2.8 billion 2.8 NOK BILLION 102 NOK MILLION ■ Recently awarded projects in early phases of execution 4 400 12% ■ EBITDA1 of NOK 102 million (3.6% margin) 9% ■ Several projects in early phases of execution, with currently lo
Slide 12: Electrification, Maintenance and Modifications (EMM)
Electrification, Maintenance and Modifications (EMM) Revenue EBITDA and Margin1 ■ Revenue of NOK 2.5 billion 2.5 NOK BILLION 140 NOK MILLION ■ Reflecting continued good progress on ongoing work 4 300 10% ■ EBITDA1 of NOK 140 million (5.6% margin) ■ Solid performance on ongoing projects and multi-yea
Slide 13: Subsea
Subsea Revenue EBITDA and Margin1 ■ Revenue of NOK 3.0 billion 3.0 NOK BILLION 429 NOK MILLION ■ Continued good progress in project portfolio 4 600 20% ■ EBITDA1 of NOK 429 million (14.4% margin) 15% 14% ■ Solid performance in ongoing projects 14% 3 400 15% ■ Supported by robust project portfolio wi
Slide 14: Solid Order Backlog and Visibility
Solid Order Backlog and Visibility Order Backlog by Execution Year NOK billion Renewables and Energy Transition1 NOK billion, % 25 23.4 Share of Order Backlog 20 1Q 2020 1Q 2021 1Q 2022 7.9 15 13.5 8.2 5.0 10 6.4 7% 18% 33% 3.3 4.7 5 1.8 7.2 0.7 1.3 5.2 0.4 3.9 3.0 0 2022 2023 2024 2025 --> Subsea R
Slide 15: Summary Outlook
Summary Outlook On-track with strategy and targets ■ 2022 overall revenue continues to be Dividend of NOK 0.20 per share paid expected up by more than 20% from 2021, based for fiscal year 2021 on secured backlog and market activity Solid order intake and backlog ■ 2022 overall underlying EBITD
Slide 16: Q&A
kL — We solve global energy challenges _ gf for future generations S&S @ 4
Slide 17: Additional Information
Additional Information 2022 © Aker Solutions
Slide 18: Guidance – Additional Items
Guidance – Additional Items ■ Net financial items1 about minus NOK 60 million, per quarter ■ D&A2 about NOK 1.1 to 1.2 billion, per year ■ ‘Other’ EBITDA3 about minus NOK 100 million, per quarter 1 Excluding the effects of currency and non-qualifying hedges 2 Depreciation and Amortization (includes
Slide 19: Our Transition Journey and Targets
Our Transition Journey and Targets +10% Average Annual Revenue Growth NOK 1 billion+ Annual Free Cash Flow2 Renewables & Energy Transition share1 Renewables & Energy Transition1 ~45 6+ bn Target 1/3 of revenues by 2025 38 >35 Nordsee Ost 1/3 settlement 1Q 2021 2.4 2/3 of revenues by 2030 29 29 A
Slide 20: High Demand for Early-Phase Capabilities
High Demand for Early-Phase Capabilities ■ 38 front-end contracts won in 1Q ■ 30% related to Renewables and 1Q 2022 1Q 2021 Energy Transition work ■ Several large projects related to the expected uptick in NCS activity are currently in FEED phase, with several ongoing in study- and pre- FEED phases
Slide 21: Renewables and Energy Transition
Renewables and Energy Transition NOK million Revenue 1Q 2020 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 Total revenue (excl. special items) 8,592 6,724 6,393 6,839 28,548 6,469 7,018 7,311 8,666 29,464 8,301 Revenue from Renewables and Energy Transition 456 371 2
Slide 22: Aker Solutions – Transition Journey Well Underway
Aker Solutions – Transition Journey Well Underway Selection of Ongoing Work Related to Renewables and Energy Transition Type Project Main scope Customer Region Type Project Main scope Customer Region Offshore Hywind Tampen Floating foundations for wind Equinor NOR Low-Carbon Jansz-Io Subsea Gas Comp
Slide 23: Alternative Performance Measures
Alternative Performance Measures Basis for Preparation This presentation provides financial highlights for the quarter for Aker Solutions, a Norwegian limited company listed on the Oslo Stock Exchange. Aker Solutions ASA merged with Kværner ASA in November 2020. The consolidated financial statements
Slide 24: Alternative Performance Measures
Alternative Performance Measures Profit Measures EBITDA and EBIT terms are presented as they are used by financial analysts and investors. Special items are excluded from EBITDA and EBIT as Renewables & Electrification, Other/ Field Maintenance & Subsea Aker Solutions alternative measures to provide
Slide 25: Alternative Performance Measures
Alternative Performance Measures Financing Measures Net interest-bearing debt to EBITDA (leverage ratio) is a key financial measure that is used by management to assess the borrowing capacity of a company. The ratio shows how many Alternative financing and equity measures are presented as they are i
Slide 26: Alternative Performance Measures
Alternative Performance Measures Order Intake Measures Order intake, order backlog and book-to-bill ratios are presented as alternative performance measures, as they are indicators of the company’s revenues and operations in the future. Order intake includes new agreed customer contracts in the peri
Slide 27: Special Items
Special Items NOK million, (Gain) / Loss Special items (EBITDA) 1Q 2020 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 Restructuring 155 117 183 61 516 2 3 19 0 25 1 Non-qualifying hedges 10 (8) (1) (5) (4) (7) (2) (1) 3 (7) (18) Gain on dividend distribution of CCUS
Slide 28: Income Statement
Income Statement NOK million Income statement consolidated 1Q 2020 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 Revenue 8,601 6,721 7,198 6,875 29,396 6,470 7,020 7,314 8,668 29,473 8,291 Operating expenses (8,604) (6,340) (6,122) (6,792) (27,857) (6,041) (6,632) (
Slide 29: Cash Flow
Cash Flow NOK million Cash flow 1Q 2020 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 Net profit (857) (110) 291 (844) (1,520) 27 60 100 63 249 175 Change in cash flow from operating activities 343 19 604 1,455 2,421 455 200 476 1,418 2,549 1,409 Net cash flow from
Slide 30: Balance Sheet – Assets
Balance Sheet – Assets NOK million Assets 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Property, plant and equipment 4,394 4,051 3,912 3,567 3,400 3,397 3,262 3,231 3,269 Intangible assets including Goodwill 6,325 6,155 6,002 5,825 5,806 5,768 5,743 5,724 5,808 Right-of-us
Slide 31: Balance Sheet – Liabilities and Equity
Balance Sheet – Liabilities and Equity NOK million Liabilities and equity 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Total equity attributable to the parent 10,675 9,879 9,141 7,870 7,784 7,903 7,870 7,833 8,011 Non-controlling interests 78 78 58 38 38 37 35 28 39 Total
Slide 32: Split Per Segment
Split Per Segment NOK million Revenue 1Q 2020 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 Renewables and Field Development 3,110 2,303 2,538 2,879 10,829 2,750 2,655 2,499 2,721 10,625 2,795 Electrification, Maintenance and Modifications 2,693 2,111 1,877 2,052 8,
Slide 33: Split Per Segment
Split Per Segment NOK million NCOA 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 NCOA 660 929 312 (280) (118) (398) (666) (1,784) (2,791) Order intake 1Q 2020 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 Renewables and Field Development 1,
Slide 34: Split Per Segment – Excluding Special Items
Split Per Segment – Excluding Special Items NOK million EBITDA (excl. special items) 1Q 2020 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 Renewables and Field Development (107) 204 193 259 549 248 95 89 108 540 102 Electrification, Maintenance and Modifications 136
Slide 35: Order Backlog by Market
Order Backlog by Market NOK billion, % Order Backlog by Market 1Q 2021 1Q 2022 Africa 2% 2% Asia Pacific 9% 19 % North America 8% 11 % Norway 78 % 62 % Europe 1% 1% South America 2% 4% Total 100 % 100 % Total amount in NOK billion 40.5 48.0 2022 © Aker Solutions First-Quarter Results 2022 May 3, 202
Slide 36: Copyright and Disclaimer
Copyright and Disclaimer Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Aker Solutions and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any for
Slide 37: 2022 © Aker Solutions
2022 © Aker Solutions