Aker Solutions Asa · OSL:AKSO
Aker Solutions Asa — Aker Solutions Hldg — Q1 2025 Earnings Presentation
33 slides from Aker Solutions Asa's earnings presentation, Apr 30, 2025
Slide 1: 1Q 2025 Results
1Q 2025 April 30, 2025 Kjetel Digre, CEO Idar Eikrem, CFO
Slide 2: Solid Financial Performance and Strong Order Intake
1Q 2025 | Solid Financial Performance and Strong Order Intake Revenue Excluding special items EBITDA Excluding special items 16 15.7 14.4 1.4 12% Financials 14 12.8 13.2 1.2 10% 12 11.5 1.0 9% ▪ Strong revenue growth with solid financial performance 10 9% 8% 9% 8% 0.8 8 0.6 8% 6% ▪ High order intake
Slide 3: Operational Highlights
1Q 2025 | Operational Highlights Photo: Lars Morken/ Equinor Johan Castberg FPSO Bestla Tie-Back HVDC Portfolio Photo: Danny Arsenault/CBC Aker BP Projects West White Rose HUC Brevik CCS First-Quarter Results 2025 April 30, 2025 3
Slide 4: New Orders with Balanced Risk-Reward Profiles
1Q 2025 | New Orders with Balanced Risk-Reward Profiles Market Segment First Generation (awarded 2019-21) Second Generation (awarded 1Q 2025) Norfolk Vanguard West Norfolk Vanguard East HVDC (jacket & topside) (jacket & topside) East Anglia 3 Sunrise BalWin 1 (jacket) BalWin 2 (jacket) - option CCS
Slide 5: Tender Value at about NOK 85 Billion
1Q 2025 | Tender Value at about NOK 85 Billion Monitoring Geopolitical Situation Closely Tender Value Development NOK BILLION 90 60 Europe 30 77 NOK BILLION 0 Americas 1Q’23 2Q’23 3Q’23 4Q’23 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 2 NOK BILLION APAC Africa/ ME 5 NOK BILLION 1 NOK BILLION about 2/3 of tender
Slide 6: Outlook
Outlook ▪ Large secured order backlog for 2025 execution ▪ Continued focus on predictable project execution ▪ High tendering and early-phase study activity ▪ Continued high activity in studies and FEED work ▪ Closely monitoring geopolitical situation ▪ Solid financial position with attractive capita
Slide 7: Financial Performance
Financial Performance April 30, 2025 Idar Eikrem, CFO
Slide 8: Key Figures
1Q 2025 | Key Figures NOK million 1Q 2025 1Q 2024 4Q 2024 FY 2024 Total revenue Total revenue ex. special items 14,389 14,393 11,481 11,477 15,710 15,708 53,201 53,193 Financials and Highlights Net income from OneSubsea 190 195 166 789 Total revenue excl. special items and Net income from OneSubsea
Slide 9: Cash Generation
1Q 2025 | Cash Generation Change in Cash and Cash Equivalents NOK MILLION Improved Cash Position in the Quarter ▪ Cash flow from operations of NOK 0.8 billion 272 ▪ Driven by improved operational performance 101 94 152 142 180 ▪ Slight decrease in working capital of NOK 272 million in period 1,213 3
Slide 10: Renewables and Field Development
1Q 2025 | Renewables and Field Development Revenue Excluding special items EBITDA Excluding special items 12 900 8% 10% Financials and Highlights 800 10 700 9% 8% 7% 8% ▪ Revenue of NOK 10.4 billion in quarter 8 600 500 8% 6% ▪ 30% increase compared to same period last year 6 400 4% 4 300 200 ▪ EBIT
Slide 11: Life Cycle
1Q 2025 | Life Cycle Revenue Excluding special items EBITDA Excluding special items 4.0 300 10% Financials and Highlights 3.5 250 8% 3.0 ▪ Revenue of NOK 3.5 billion in quarter 200 7% 2.5 6% 7% 7% 7% 6% ▪ 16% increase from same period last year 2.0 150 1.5 4% ▪ Slightly lower volume than 4Q 2024 due
Slide 12: OneSubsea
1Q 2025 | OneSubsea Revenue Excluding special items 1 EBITDA Excluding special items 1,2 12 2.5 25% Financials and Highlights 10 2.0 20% 20% ▪ Revenue1 of NOK 10.3 billion in quarter 8 19% 18% 18% 6 1.5 17% 15% ▪ Well positioned in a growing subsea market 1.0 10% 4 0.5 5% ▪ EBITDA1,2 of NOK 2.1 bill
Slide 13: Summary Outlook
Summary Outlook ▪ Increased revenues in the quarter compared to last year ▪ Revenues in 2025 is expected to exceed NOK 55 billion ▪ Strong order intake of projects with balanced risk-reward ▪ 2025 EBITDA margin expected to be between 7.0% and 7.5% excluding net income from OneSubsea ▪ High backlog o
Slide 14: We solve global energy challenges for future generations
Lk — | We solve global energy challenges gy for future generations S@ 4
Slide 15: Additional Information
Additional Information April 30, 2025
Slide 16: Order Intake and Backlog
1Q 2025 | Order Intake and Backlog Order Backlog by Execution Year NOK BILLION Order Backlog by Type NOK BILLION 40 37.5 9.5 30 22.3 20 7.6 27.5 12.3 10 4.3 14.2 7.6 0 2025 2026 2027 -> 1 2 3 4 Renewables and Field Development Life Cycle Other Alliance Reimbursable Lump Sum Renewables and Transition
Slide 17: Timing of Selected Large Projects in the Portfolio, by Segment
Timing of Selected Large Projects in the Portfolio, by Segment Renewables and Field Development Life Cycle Project Customer Award year Delivery year (est.) Project Customer Award year Delivery year (est.) Johan Castberg FPSO Equinor 2017 2025 Aker BP EMM /Modific. Alliance (FA) Aker BP 2024 2026 Hug
Slide 18: Renewables and Transitional Energy Solutions
Renewables and Transitional Energy Solutions NOK million Revenue 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 Total revenue (excl. special items) 7,145 8,826 9,114 11,021 36,107 11,477 12,827 13,181 15,708 53,193 14,393 Renewables and Transitional Energy So
Slide 19: 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. The same measurement principles as presented in the Annual Report 2024 have been used when prepari
Slide 20: Alternative Performance Measures: Profit Measures
Alternative Performance Measures Profit Measures Renevables and Life Cycle Other/ Eliminations Aker Solutions Field Development NOK million 1Q 2025 1Q 2024 1Q 2025 1Q 2024 1Q 2025 1Q 2024 1Q 2025 1Q 2024 Revenue 10,401 7,992 3,518 3,031 279 251 14,197 11,273 EBITDA and EBIT terms are presented as th
Slide 21: Alternative Performance Measures: Financing Measures
Alternative Performance Measures Financing Measures Alternative financing and equity measures are presented as they are indicators of the company’s Net interest-bearing debt to EBITDA (leverage ratio) is a key financial measure that is used ability to obtain financing and service its debts. by manag
Slide 22: Alternative Performance Measures: Order Intake 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 23: Special Items
Special Items NOK million Special items (EBITDA) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 Restructuring 2 0 3 19 24 0 3 1 5 9 1 Non-qualifying hedges 5 10 3 -0 17 -2 0 -3 1 -3 5 Other special items 11 16 15 46 87 22 7 6 24 58 4 Total special items EBITD
Slide 24: Income Statement
Income Statement NOK million Income statement consolidated 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 Revenue 7,213 8,880 9,094 10,870 36,057 11,273 12,661 12,940 15,537 52,410 14,197 Net profit equity accounted investees 0 1 8 197 205 207 166 245 173 790
Slide 25: Cash Flow
Cash Flow NOK million Cash flow 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 EBITDA continuing operations 229 193 194 551 1,166 967 1,206 1,204 1,191 4,568 1,203 EBITDA discontinued operations 640 906 1,225 0 2,772 - - - - - - Change in cash flow from opera
Slide 26: Balance Sheet – Assets
Balance Sheet – Assets NOK million Assets 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Property, plant and equipment 3,762 4,246 2,883 3,487 3,830 3,956 4,043 4,053 3,925 Intangible assets including Goodwill 5,958 5,933 3,413 3,563 3,536 3,510 3,514 3,487 3,459 Right-of-us
Slide 27: Balance Sheet – Liabilities and Equity
Balance Sheet – Liabilities and Equity NOK million Liabilities and equity 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Total equity attributable to the parent 9,940 10,506 11,187 19,082 20,176 19,379 20,070 11,270 11,285 Non-controlling interests -3 -3 -56 -129 -134 -134 -
Slide 28: Split per Segment
Split per Segment NOK million Revenue 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 Renewables and Field Development 4,128 5,369 5,576 7,447 22,520 8,003 9,402 9,217 11,469 38,090 10,401 Life Cycle 2,933 3,343 3,249 3,547 13,072 3,031 2,988 3,453 3,776 13,24
Slide 29: Split per Segment
Split per Segment NOK million NCOA 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 NCOA -4,920 -5,753 -6,631 -8,484 -8,774 -8,898 -7,655 -7,848 -7,576 Order intake 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 Renewables and Field Dev
Slide 30: Split per Segment – Excluding Special Items
Split per Segment – Excluding Special Items NOK million EBITDA (excl. special items) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 Renewables and Field Development 171 208 239 362 979 617 887 774 820 3,097 870 Life Cycle 161 164 163 197 686 195 205 244 277 9
Slide 31: Order Backlog by Market
Order Backlog by Market NOK billion, % Order backlog by Market 1Q 2025 1Q 2024 Norway 72% 84% Europe 23% 10% Americas 3% 4% Asia Pacific 1% 2% Africa 1% - Total 100% 100% Total backlog (NOK billion) 72.1 68.7 First-Quarter Results 2025 April 30, 2025 31
Slide 32: Aker Solutions
| Aker Solutions
Slide 33: 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