Aker Solutions Asa · OSL:AKSO
Aker Solutions Asa — Aker Solutions Hldg — Q4 2025 Earnings Presentation
44 slides from Aker Solutions Asa's earnings presentation, Feb 6, 2026
Slide 1: 4Q 2025 Results
4Q 2025 COMMS February 6, 2026 Kjetel Digre, CEO Idar Eikrem, CFO
Slide 2: Solid Financial Performance
4Q 2025 | Solid Financial Performance Revenue Excluding special items EBITDA Excluding special items 20 1.6 12% Financials 1.4 15 1.2 10% ▪ Solid financial performance in period of record-high activity levels 8% 1.0 8% 8% 8% 9% 8% ▪ Strong cash generation from own businesses and dividends from SLB O
Slide 3: Record High Activity Levels with Solid Margins and Strong Order Intake
2025 | Record High Activity Levels with Solid Margins and Strong Order Intake Revenue Excluding special items EBITDA Excluding special items Order Intake Order Backlog 65 5.5 10% 70 80 60 5.0 65 9% 60 70 55 8% 4.5 8% 50 55 4.0 7% 7% 60 45 50 3.5 45 50 40 6% 40 35 3.0 35 40 30 2.5 30 25 4% 4% 2.0 25
Slide 4: Proven Track Record for Shareholder Value Creation Since Merger
4Q 2025 | Proven Track Record for Shareholder Value Creation Since Merger Total Shareholder Returns in Aker Solutions July 2020 – Dec 2025 Main Achievements (2020 - 2025) Indexed: 100 = Closing price on July 17, 2020 800 ~7x 700 ~27% annual average 600 revenue1 growth 500 400 ~500 bpp margin1 improv
Slide 5: Strong Performance Across Segments
2025 | Strong Performance Across Segments Renewables & Field Development Life Cycle SLB OneSubsea (figures on 100% basis, Aker Solutions owns 20%) Revenue and EBITDA-margin Revenue and EBITDA-margin Revenue and EBITDA-margin AKSO Subsea (100%) SLB OneSubsea (20%) 50 10% 20 8% 50 19% 19% 20% 7% 7% 18
Slide 6: Solid Progress on the Aker BP Portfolio
4Q 2025 | Solid Progress on the Aker BP Portfolio ▪ Alliance model with balanced risk-reward and aligned incentives ▪ Early engagement in project ▪ No lump sum exposure ▪ Shared upside for delivery on time and quality ▪ 4 topsides and jackets with a combined dry weight of about 90,000 tons ▪ Hugin A
Slide 7: Expanding Our Customer Network
4Q 2025 | Expanding Our Customer Network Leveraging our 5,000 strong global engineering and consulting organization Engineering in Aker Solutions Selected engineering and consulting projects in 2025 FPSO concept study Client: Equinor Subse-tie in studies/ FEEDs Nscale Stargate DC Client: Several sup
Slide 8: Healthy Margins on Second-Generation Renewables Projects
4Q 2025 | Healthy Margins on Second-Generation Renewables Projects Market Outlook1 First Generation (awarded 2019-21) Second-Generation (awarded 2025) Offshore Wind 2x Norfolk Vanguard West Norfolk Vanguard East (jacket & topside) (jacket & topside) 2025 2030 East Anglia 3 HVDC Sunrise Wind HVDC 1Gl
Slide 9: Asset-Light Life Cycle Business Model
4Q 2025 | Asset-Light Life Cycle Business Model Low risk contract models with solid cash conversion Aker Solutions Life Cycle Offering & Capabilities • Long term frame agreements with operators Frame • Integrated delivery models NOK 15 billion 7.2% Agreements • Presence on more than 250 platforms in
Slide 10: Long-term Frame Agreements Secured with Strategic Customers
4Q 2025 | Long-term Frame Agreements Secured with Strategic Customers Selected Life Cycle Frame Agreements Selected Frame First 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035-> Agreements awarded Awarded <20001 1Q 2026 <2000 2016 <2038 <2000 2015 2019 2012 1Including period where contract wa
Slide 11: Created a World-Class Subsea Solutions Provider
4Q 2025 | Created a World-Class Subsea Solutions Provider Unlocking Shareholder Value for Aker Solutions SLB OneSubsea Ownership SLB OneSubsea US GAAP 2025 USD 3.8 billion 19.4% full-year revenues EBITDA-margin USD 4.7 billion USD 529 million order backlog cash flow from operations 70% 20% 10% USD 4
Slide 12: Well Positioned in Growing Subsea Market
4Q 2025 | Well Positioned in Growing Subsea Market SLB OneSubsea targets cumulative bookings exceeding USD 9 billion over the next 2 years Global Subsea Equipment Spending Europe Equinor Wisting 25% North and South America Equnor Snøhvit gas compression Equinor Bay du Nord Vår Energy Tie-back projec
Slide 13: Improved Pricing Among Subsea Peers
4Q 2025 | Improved Pricing Among Subsea Peers Share Price Development Selected Subsea Peers Subsea Peer Group Trading Multiples1 Indexed: 100 = Closing price February 4, 2025 200 180 160 ~9x ~11x EV/EBITDA LTM (2025) EV/EBITDA NTM (2026) 140 120 100 80 ~21x ~20x P/E LTM (2025) P/E NTM (2026) 60 1 Pe
Slide 14: Outlook
Outlook ▪ Continued solid order backlog ▪ Focus on predictable project execution ▪ Adjust capacity and cost to future activity levels ▪ Positioning for future opportunities across the energy market ▪ Resilient Life Cycle business securing long-term frame agreements ▪ Broadening customer footprint th
Slide 15: Financial Performance
Financial Performance Idar Eikrem, CFO
Slide 16: Key Figures
4Q 2025 | Key Figures NOK million 4Q 2025 4Q 2024 2025 2024 Total revenue 16,674 15,710 63,202 53,201 Financials and Highlights Total revenue ex. special items 16,674 15,708 63,207 53,193 Net income from OneSubsea 80 166 749 789 ■ Revenue1 of NOK 16.7 billion in the quarter Total revenue excl. speci
Slide 17: Renewables and Field Development
4Q 2025 | Renewables and Field Development Revenue Excluding special items EBITDA Excluding special items 14 1,200 10% Financials and Highlights 12 1,000 8% ▪ Revenue of NOK 12.4 billion in quarter 8% 8% 8% 10 800 7% 8% 6% ▪ 8% increase compared to same period last year 8 600 ▪ Full year revenue of
Slide 18: Life Cycle
4Q 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 3.8 billion in quarter 200 7% 8% 2.5 7% 7% 7% 6% ▪ Full-year revenue of NOK 15 billion, representing a year-on-year growth of 13% 2.0 150 1.5 4% 1
Slide 19: SLB OneSubsea
4Q 2025 | SLB OneSubsea Revenue Excluding special items 1 EBITDA Excluding special items 1,2 Financials and Highlights 12 2.5 25% 10 ▪ Revenue1 of NOK 10.5 billion in quarter 2.0 20% 20% 21% 8 18% 18% ▪ Full-year revenue of about NOK 40 billion 1.5 17% 15% 6 4 1.0 10% ▪ EBITDA1,2 of NOK 1.9 billion
Slide 20: Cash Generation
2025 | Cash Generation Change in Cash and Cash Equivalents NOK MILLION Financials and Highlights ▪ Cash flow from operations of NOK 2.6 billion 1,346 ▪ Driven by solid operational performance ▪ NOK 1.3 billion working capital reversal during the year 1,324 308 5,284 841 497 1,591 ▪ CAPEX investments
Slide 21: Summary Outlook
Summary Outlook ▪ Record-high revenues in 2025 with strong operational and ▪ Revenue is expected to be between NOK 45 and 50 billion financial performance across business segments in 2026 ▪ Key milestones met on the Aker BP portfolio ▪ EBITDA margins are, at this early stage, expected to be ▪ Legacy
Slide 22: We solve global energy challenges for future generations
Lk — | We solve global energy challenges gy for future generations &@ 4 ea EE ea
Slide 23: Additional Information
BS Aker Solutions Additional Information
Slide 24: Dividend Policy | Target 40-60% of Annual Net Profit
Dividend Policy | Target 40-60% of Annual Net Profit Priorities Maintain sufficient Balanced Capital Allocation Strategy Financial robustness Prudent Management of the Balance Sheet ■ Financial robustness to handle business cycles ■ Maintain flexibility Invest in Re-investment in a Disciplined Manne
Slide 25: Order Intake and Backlog
4Q 2025 | Order Intake and Backlog Order Backlog by Execution Year NOK BILLION Order Backlog by Type % 39.3 40 10.9 30 20 14.5 27.6 11.0 4.8 10 7.2 9.1 3.5 0 2026 2027 2028 -> 1 2 3 4 Renewables and Field Development Life Cycle Other Alliance Reimbursable Lump Sum Renewables and Transitional Other Q
Slide 26: Tender Activity of About NOK 80 Billion
4Q 2025 | Tender Activity of About NOK 80 billion Tender Value Development NOK BILLION 90 60 Europe 30 74 NOK BILLION 0 Americas 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 2 NOK BILLION APAC Africa/ ME 4 <1 NOK BILLION NOK BILLION * Not including SLB OneSubsea tenders Fourth-Quarter Prese
Slide 27: 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 2024 2026 Hugin
Slide 28: Renewables and Transitional Energy Solutions
Renewables and Transitional Energy Solutions NOK million Revenue 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Total revenue (excl. special items) 11,021 36,107 11,477 12,827 13,181 15,708 53,193 14,393 15,157 16,983 16,674 63,207 Renewables and Tran
Slide 29: 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 30: Alternative Performance Measures
Alternative Performance Measures Profit Measures Renevables and Field Development Life Cycle Other/ Eliminations Aker Solutions NOK million 4Q 2025 4Q 2024 4Q 2025 4Q 2024 4Q 2025 4Q 2024 4Q 2025 4Q 2024 Revenue 12,429 11,469 3,795 3,776 369 292 16,593 15,537 EBITDA and EBIT terms are presented as t
Slide 31: Alternative Performance 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 32: 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 33: Special Items
Special Items NOK million Special items (EBITDA) 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Restructuring 19 24 0 3 1 5 9 1 2 14 194 211 Non-qualifying hedges -0 17 -2 0 -3 1 -3 5 2 3 -1 9 Other special items 46 87 22 7 6 24 58 4 -3 1 35 37 Total
Slide 34: Income Statement
Income Statement NOK million Income statement consolidated 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Revenue 10,870 36,057 11,273 12,661 12,940 15,537 52,410 14,197 14,967 16,687 16,593 62,445 Net profit equity accounted investees 197 205 207 166
Slide 35: Cash Flow
Cash Flow NOK million Cash flow 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 EBITDA continuing operations 551 1,166 967 1,206 1,204 1,191 4,568 1,203 1,257 1,472 1,095 5,027 EBITDA discontinued operations 0 2,772 - - - - - - - - - - Change in cash f
Slide 36: Balance Sheet – Assets
Balance Sheet – Assets NOK million Assets 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Property, plant and equipment 3,487 3,830 3,956 4,043 4,053 3,925 3,842 3,720 3,626 Intangible assets including Goodwill 3,563 3,536 3,510 3,514 3,487 3,459 3,430 3,428 3,438 Right-of-us
Slide 37: Balance Sheet – Liabilities and Equity
Balance Sheet – Liabilities and Equity NOK million Liabilities and equity 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total equity attributable to the parent 19,082 20,176 19,379 20,070 11,270 11,286 9,678 10,540 11,388 Non-controlling interests -129 -134 -134 -141 -144 -
Slide 38: Split per Segment
Split per Segment NOK million Revenue 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Renewables and Field Development 7,447 22,520 8,003 9,402 9,217 11,469 38,090 10,401 10,757 12,517 12,429 46,105 Life Cycle 3,547 13,072 3,031 2,988 3,453 3,776 13,24
Slide 39: Split per Segment
Split per Segment NOK million NCOA 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 NCOA -8,484 -8,774 -8,898 -7,655 -7,848 -7,576 -7,057 -6,509 -6,503 Order intake 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Renewables and F
Slide 40: Split per Segment – Excluding Special Items
Split per Segment – Excluding Special Items NOK million EBITDA (excl. special items) 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Renewables and Field Development 362 979 617 887 774 820 3,097 870 829 1,008 1,005 3,712 Life Cycle 197 686 195 205 244
Slide 41: Order Backlog by Market
Order Backlog by Market NOK billion, % Order backlog by Market 4Q 2025 4Q 2024 Norway 71% 88% Europe 23% 7% Americas 3% 3% Asia Pacific 2% 1% Africa 1% 2% Total 100% 100% Total backlog (NOK billion) 64.8 60.9 Fourth-Quarter Presentation 41
Slide 42: SLB OneSubsea (US GAAP)
4Q 2025 | SLB OneSubsea (US GAAP) USD million Income statement 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Revenue 1,021 1,021 930 1,018 1,002 947 3,897 934 939 946 1,007 3,825 EBITDA excl. special items1 194 194 164 198 184 164 710 191 195 174 180
Slide 43: EE Aker
EE Aker Solutions
Slide 44: 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