Aker Solutions Asa · OSL:AKSO
Aker Solutions Asa — Aker Solutions Hldg — Q1 2026 Earnings Presentation
39 slides from Aker Solutions Asa's earnings presentation, Apr 30, 2026
Slide 1: 1Q 2026 Comms
1Q 2026 COMMS April 30, 2026 Kjetel Digre, CEO Idar Eikrem, CFO
Slide 2: Solid Financial Performance and Strong Order Intake
1Q 2026 | Solid Financial Performance and Strong Order Intake Revenue Excluding special items EBITDA Excluding special items 20 1,6 12% Financials 1,4 15 1,2 10% ▪ Solid financial performance as revenues normalize from peak levels 8% 1,0 8% 8% 9% 9% 10 0,8 8% 6% ▪ Strong order intake driven by long-
Slide 3: Solid Progress on the Aker BP Portfolio
1Q 2026 | Solid Progress on the Aker BP Portfolio Stord: 10,000 hired-ins on rotation ‘Stacking Complete’ for Hugin A and Valhall PWP Sail-away of Fenris topside and Hugin B jacket First-Quarter Presentation 3
Slide 4: Secured Long-Term Frame Agreements in Life Cycle
1Q 2026 | Secured Long-Term Frame Agreements in Life Cycle Selected Life Cycle Frame Agreements Selected Frame First 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035-> Agreements awarded <20001 Awarded 1Q 2026 <2000 <2039 2016 <2038 <2000 2012 2015 2005 2019 1Including period where contract wa
Slide 5: Expanding Our Customer Network
1Q 2026 | Expanding Our Customer Network Leveraging our 5,000 strong global engineering and consulting organization Engineering & Consulting Selected Engineering and Consulting Studies in Aker Solutions Data Centers O&G: FPSO HVDC 2.0 GW Klaipeda CO2 (advisory and project pre-FEED Design Optimizatio
Slide 6: Positioning for Emerging Energy Markets with Strategic Partners
1Q 2026 | Positioning for Emerging Energy Markets with Strategic Partners ▪ MoU signed with Rolls Royce SMR within Small Modular Reactors (SMR) market ▪ SMRs are compact nuclear powerplants, offering advantages in scalability, cost- Picture: Rolls Royce efficiency, and deployment speed ▪ Mutually ex
Slide 7: Tender Activity of Almost NOK 90 billion
1Q 2026 | Tender Activity of Almost NOK 90 billion Tender Value Development NOK BILLION 90 60 Europe 30 40 NOK BILLION 0 Americas 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 4 NOK BILLION APAC Africa/ ME 44 1 NOK BILLION NOK BILLION * Not including SLB OneSubsea tenders First-Quarter Prese
Slide 8: SLB OneSubsea Well Positioned in Growing Subsea Market
1Q 2026 | SLB OneSubsea Well Positioned in Growing Subsea Market SLB OneSubsea targets cumulative bookings exceeding USD 9 billion over the next 2 years Europe Global Subsea Equipment Spending Equinor Wisting 25% North and South America Equnor Snøhvit gas compression Equinor Bay du Nord Equinor Tie-
Slide 9: SLB OneSubsea with Several Recent Awards
1Q 2026 | SLB OneSubsea with Several Recent Awards Subsea Production Systems Subsea Processing Suriname Strategic Gullfaks Subsea Shenandoah HPHT Kaiping 18-1 Kikeh 3B Collaboration Compression Multiphase Boosting (signed April’26) • Client: CNOOC • Client: PTTEP • Partners: Petronas, SLB • Client:
Slide 10: Improved Pricing Among Subsea Peers
1Q 2026 | Improved Pricing Among Subsea Peers Share Price Development Selected Subsea Peers Subsea Peer Group Trading Multiples1 Indexed: 100 = Closing price April 27, 2025 300 250 ~10x ~13x EV/EBITDA LTM (2025) EV/EBITDA NTM (2026) 200 150 100 50 ~23x ~25x P/E LTM (2025) P/E NTM (2026) 0 1 Peer Gro
Slide 11: Financial Performance
Financial Performance Idar Eikrem, CFO
Slide 12: Key Figures
1Q 2026 | Key Figures NOK million 1Q 2026 1Q 2025 4Q 2025 2025 Total revenue Total revenue ex. special items 13,425 13,425 14,389 14,393 16,674 16,674 63,202 63,207 Financials and Highlights Net income from OneSubsea 143 190 80 749 Total revenue excl. special items and Net income from OneSubsea 13,2
Slide 13: Renewables and Field Development
1Q 2026 | Renewables and Field Development Revenue Excluding special items EBITDA Excluding special items 14 1,200 10% Financials and Highlights 12 1,000 8% 8% 8% 8% 10 8% 8% ▪ Revenue of NOK 9.6 billion in quarter 800 8 6% ▪ Good progress on Aker BP portfolio, reduced sub-contracting scope with the
Slide 14: Life Cycle
1Q 2026 | Life Cycle Revenue Excluding special items EBITDA Excluding special items 4.0 300 10% Financials and Highlights 3.5 250 3.0 8% ▪ Revenue of NOK 3.3 billion in quarter 200 8% 2.5 7% 7% 7% 7% 6% ▪ Mainly impacted by the lower seasonal activity on the NCS during the winter 2.0 150 months, as
Slide 15: SLB OneSubsea
1Q 2026 | SLB OneSubsea Revenue Excluding special items 1 EBITDA Excluding special items 1,2 Financials and Highlights 12 2.5 25% 10 2.0 20% 21% 20% ▪ Revenue1 of NOK 8.4 billion in quarter 18% 18% 8 1.5 17% 15% ▪ Impacted by wind-down of several large projects 6 1.0 10% 4 ▪ EBITDA1,2 of NOK 1.4 bil
Slide 16: Cash Generation
1Q 2026 | Cash Generation Change in Cash and Cash Equivalents NOK MILLION Financials and Highlights 8,726 ▪ Cash flow from operations of NOK 2.7 billion 2,000 ▪ Working capital improved by NOK 1.8 billion, mainly reflecting favorable 2,457 2,002 cut-off effects at quarter-end 70 145 261 57 137 ▪ CAP
Slide 17: Attractive Capital Allocation Strategy
1Q 2026 | Attractive Capital Allocation Strategy Capital Allocation Priorities Maintain sufficient Invest in Return Financial robustness Profitable growth Value creation Ordinary Dividend Policy 2026 Extraordinary Dividend 40-60 % of Annual Net Profit excluding Special Items NOK 5.00 per share Relat
Slide 18: Summary Outlook
Summary Outlook ▪ Strong order intake and solid financial performance ▪ Revenue is expected to be around NOK 50 billion in 2026 ▪ Key milestones met on the Aker BP portfolio ▪ Legacy lump sum projects in commissioning phase, ▪ EBITDA margins are expected to be between 7.0% commercial discussions ong
Slide 19: We solve global energy challenges for future generations
Lk Aker Sail We solve global energy challenges —_ for future generations SS @ 4
Slide 20: Additional Information
BS Aker Solutions Additional Information
Slide 21: Order Intake and Backlog
1Q 2026 | Order Intake and Backlog Order Backlog by Execution Year NOK BILLION Order Backlog by Type % 35 33.0 30 26.5 10.1 25 20.7 20 15 10.0 22.3 22.3 10 5 10.1 3.8 0 2026 2027 2028 -> Renewables and Field Development Life Cycle Other Alliance 1 Reimbursable 2 Lump Sum 3 Renewables and Transitiona
Slide 22: 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.) Hugin A Platform Aker BP 2022 2026 Aker BP EMM /Modific. Alliance (FA) Aker BP 2026 2030 Hugin
Slide 23: Renewables and Transitional Energy Solutions
Renewables and Transitional Energy Solutions NOK million Revenue 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Total revenue (excl. special items) 11,477 12,827 13,181 15,708 53,193 14,393 15,157 16,983 16,674 63,207 13,425 Renewables and Transitional Energy
Slide 24: 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 2025 have been used when prepari
Slide 25: Alternative Performance Measures
Alternative Performance Measures Profit Measures Renevables and Field Development Life Cycle Other/ Eliminations Aker Solutions NOK million 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 Revenue 9,601 10,401 3,319 3,518 359 279 13,279 14,197 EBITDA and EBIT terms are presented as th
Slide 26: Alternative Performance Measures
Alternative Performance Measures Financing Measures Net Current Operating Assets (NCOA) or Working Capital is a Alternative financing and equity measures are presented as they are measure of the current capital necessary to maintain operations. indicators of the company’s ability to obtain financing
Slide 27: 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 28: Special Items
Special Items NOK million Special items (EBITDA) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Restructuring 0 3 1 5 9 1 2 14 194 211 31 Non-qualifying hedges -2 0 -3 1 -3 5 2 3 -1 9 5 Other special items 22 7 6 24 58 4 -3 1 35 37 3 Total special items EBITD
Slide 29: Income Statement
Income Statement NOK million Income statement consolidated 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Revenue 11,273 12,661 12,940 15,537 52,410 14,197 14,967 16,687 16,593 62,445 13,279 Net profit equity accounted investees 207 166 245 173 790 191 188 29
Slide 30: Cash Flow
Cash Flow NOK million Cash flow 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 EBITDA 967 1,206 1,204 1,191 4,568 1,203 1,257 1,472 1,095 5,027 1,112 Change in cash flow from operating activities 52 217 -1,723 -7 -1,461 -364 -856 -1,045 -148 -2,413 1,574 Net
Slide 31: Balance Sheet – Assets
Balance Sheet – Assets NOK million Assets 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Property, plant and equipment 3,830 3,956 4,043 4,053 3,925 3,842 3,720 3,626 3,431 Intangible assets including Goodwill 3,536 3,510 3,514 3,487 3,459 3,430 3,428 3,438 3,425 Right-of-us
Slide 32: Balance Sheet – Liabilities and Equity
Balance Sheet – Liabilities and Equity NOK million Liabilities and equity 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Total equity attributable to the parent 20,176 19,379 20,070 11,270 11,286 9,678 10,540 11,388 12,232 Non-controlling interests -134 -134 -141 -144 -143 -
Slide 33: Split per Segment
Split per Segment NOK million Revenue 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Renewables and Field Development 8,003 9,402 9,217 11,469 38,090 10,401 10,757 12,517 12,429 46,105 9,601 Life Cycle 3,031 2,988 3,453 3,776 13,249 3,518 3,898 3,796 3,795 15
Slide 34: Split per Segment
Split per Segment NOK million NCOA 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 NCOA -8,774 -8,898 -7,655 -7,848 -7,576 -7,057 -6,509 -6,503 -8,299 Order intake 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Renewables and Field Dev
Slide 35: Split per Segment – Excluding Special Items
Split per Segment – Excluding Special Items NOK million EBITDA (excl. special items) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Renewables and Field Development 617 887 774 820 3,097 870 829 1,008 1,005 3,712 721 Life Cycle 195 205 244 277 920 234 275 275
Slide 36: Order Backlog by Market
Order Backlog by Market NOK billion, % Order backlog by Market 1Q 2026 1Q 2025 Norway 79% 72% Europe 17% 23% Americas 2% 3% Asia Pacific 1% 1% Africa 1% 1% Total 100% 100% Total backlog (NOK billion) 80.2 72.1 First-Quarter Presentation 36
Slide 37: SLB OneSubsea (US GAAP)
1Q 2026 | SLB OneSubsea (US GAAP) USD million Income statement 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Revenue 930 1,018 1,002 947 3,897 934 939 946 1,007 3,825 857 EBITDA excl. special items1 164 198 184 164 710 191 195 174 180 740 144 EBITDA excl. sp
Slide 38: Aker Solutions
EE Aker Solutions
Slide 39: 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