Slide 1: 1Q 2024 Results
1Q 2024 April 25, 2024 Kjetel Digre, CEO Idar Eikrem, CFO
Slide 2: 1Q 2024 | Continued Growth and Margin Improvement
1Q 2024 | Continued Growth and Margin Improvement Revenue Excluding special items EBITDA Excluding special items 12 1,000 Financials 10 800 ▪ High revenues growth and improved profitability 8 600 6 ▪ Solid secured backlog creating good visibility on future activity levels 400 4 2 200 ▪ Distributing
Slide 3: 1Q 2024 | Operational Highlights
1Q 2024 | Operational Highlights Aker BP portfolio SeaRose FPSO Life Extension HVDC Portfolio Castberg FPSO Johan Sverdrup Hook-Up & Commissioning Heidelberg Brevik Carbon Capture First-Quarter Results 2024 April 25, 2024 3
Slide 4: 1Q 2024 | New Orders of NOK 7.0 Billion in the Quarter
1Q 2024 | New Orders of NOK 7.0 Billion in the Quarter Renewables and Field Development Growth in existing contracts Increased activity in consultancy and FEED studies NOK 4.0 BILLION Life Cycle Growth in existing contracts and call-offs in frame agreements NOK 2.6 BILLION First-Quarter Result
Slide 5: Ongoing FEED and Consultancy Studies
Ongoing FEED and Consultancy Studies Photo: Espen Rønnevik/©Equinor Photo: Celsio Photo: Principle Power BioEnergy w/ Carbon Capture, Mongstad Industrial Celsio Carbon Capture & Storage, Offshore wind. South Korea Sweden Transformation, Norway Norway • FEED study for Haewoori Offshore Wind • Enginee
Slide 6: Tender Value at NOK 58 Billion
Tender Value at NOK 58 Billion Majority related to opportunities in Norway and Europe Tender Value Development NOK BILLION 90 60 40 NOK BILLION 30 0 1Q’22 2Q’22 3Q’22 4Q’22 1Q’23 2Q’23 3Q’23 4Q’23 1Q’24 13 NOK BILLION 2 NOK BILLION 3 NOK BILLION NOK billion First-Quarter Results 2024 April 25, 2024
Slide 7: Outlook
Outlook ▪ Large secured order backlog ▪ Majority being executed in well proven alliance models with balanced risk-reward profile and shared upside potential ▪ Continued focus on predictable project execution ▪ High tendering and early-phase study activity ▪ High activity in studies and FEED work acr
Slide 8: Financial Performance
Financial Performance April 25, 2024 Idar Eikrem, CFO
Slide 9: 1Q 2024 | Key Figures
1Q 2024 | Key Figures NOK million 1Q 2024 1Q 2023 4Q 2023 2023 Revenue 11,481 7,213 11,066 36,262 Strong Growth and Improved Margins Revenue ex. special items 11,477 7,145 11,021 36,107 Of which Net profit equity accounted ivestees 207 0 197 205 ■ Revenue1 of NOK 11.5 billion for the quarter EBITDA
Slide 10: 1Q 2024 | Net Cash Position of NOK 9.4 Billion
1Q 2024 | Net Cash Position of NOK 9.4 Billion Working Capital2 at minus NOK 8.8 billion Working Capital2 NOK BILLION ■ Working capital continues to be expected to normalize during 2024 with a cash outflow of approximately NOK 4 billion during the year 1 0 -1 -2 Expected normalization CAPEX in the q
Slide 11: 1Q 2024 | Cash Generation
1Q 2024 | Cash Generation Change in Cash and Cash Equivalents NOK MILLION Stable Cash Position in the Quarter 9,384 9,033 ▪ Cash flow from operations of NOK 1.0 billion in the quarter 3,030 ▪ Driven by improved operational performance 290 257 583 987 6,092 ▪ CAPEX investments of NOK 583 million ▪ Ma
Slide 12: 1Q 2024 | Renewables and Field Development
1Q 2024 | Renewables and Field Development Revenue Excluding special items EBITDA Excluding special items 10 700 10% Financials and Highlights 600 8% 8 500 8% ▪ Revenue of NOK 8.0 billion in quarter 6 400 5% 6% ▪ Substantial increase compared to same period last year 4 300 4% 4% 4% 200 4% 2 100 2% ▪
Slide 13: 1Q 2024 | Life Cycle
1Q 2024 | Life Cycle Revenue Excluding special items EBITDA Excluding special items 4.0 250 10% Financials and Highlights 3.5 200 8% 3.0 6% 6% ▪ Revenue of NOK 3.0 billion in quarter 2.5 150 6% 2.0 ▪ Slight increase from same period last year 6% 1.5 100 5% 5% 4% 1.0 ▪ EBITDA of NOK 195 million (6.4%
Slide 14: 1Q 2024 | OneSubsea
1Q 2024 | OneSubsea Revenue Excluding special items 1 EBITDA Excluding special items 1, 2 Financials and Highlights 9.8 1.7 ▪ Revenue1 of NOK 9.8 billion in quarter ▪ High activity levels in all major basin NOK BILLION NOK BILLION ▪ EBITDA1,2 of NOK 1.7 billion in the quarter ▪ Representing an EBITD
Slide 15: 1Q 2024 | Order Intake and Backlog
1Q 2024 | Order Intake and Backlog Order Backlog by Execution Year NOK BILLION Order Backlog by Type NOK BILLION 35 31.7 30 26.6 7.8 25 7.5 20 15 23.5 10.3 10 18.9 5.0 5 5.1 0 2Q-4Q 2024 2025 2026 -> 1 2 3 4 Renewables and Field Development Life Cycle Other Alliance Reimbursable Lump Sum Renewables
Slide 16: Summary Outlook
Summary Outlook ▪ Increased revenues and margins in the quarter ▪ 2024 revenue is expected to grow around 30% from compared to last year 2023 driven by the solid backlog ▪ 2024 EBITDA-margins are expected to be in the ▪ Continued high backlog of NOK 69 billion ensuring range of 6-7% excluding net in
Slide 17: Le akorSae
Le akorSae We solve global energy challenges gy for future generations S@ 4
Slide 18: Additional Information
Additional Information April 25, 2024
Slide 19: 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 2024 Aker BP EMM /Modific. Alliance (FA) Aker BP 2015 2024 Hug
Slide 20: Renewables and Transitional Energy Solutions
Renewables and Transitional Energy Solutions NOK million Revenue 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 Total revenue (excl. special items) 5,340 7,228 6,619 8,274 27,461 7,145 8,826 9,114 11,021 36,107 11,477 Renewables and Transitional Energy Soluti
Slide 21: 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 2023 have been used when prepari
Slide 22: Alternative Performance Measures
Alternative Performance Measures Profit Measures Renewables & Life Cycle Other/ Aker Solutions Field Development eliminations NOK million 1Q 2024 1Q 2023 1Q 2024 1Q 2023 1Q 2024 1Q 2023 1Q 2024 1Q 2023 Revenue 7,992 4,128 3,031 2,933 251 153 11,273 7,213 EBITDA and EBIT terms are presented as they a
Slide 23: Alternative Performance Measures
Alternative Performance Measures Financing Measures Alternative financing and equity measures are presented as they are indicators of the Net interest-bearing debt to EBITDA (leverage ratio) is a key financial measure that is used company’s ability to obtain financing and service its debts. by manag
Slide 24: 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 25: Special Items
Special Items NOK million, (Gain) / Loss Special items (EBITDA) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 Restructuring 1 0 (0) (0) 1 2 0 3 19 24 0 Non-qualifying hedges (18) 32 (4) 2 12 5 10 3 (0) 17 (2) Other special items 1 0 2 7 10 11 16 15 46 87 22
Slide 26: Income Statement
Income Statement NOK million Income statement consolidated 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 Revenue 5,330 7,276 6,614 8,248 27,468 7,213 8,880 9,094 10,870 36,057 11,273 Net profit equity accounted investees 0 6 (1) 27 33 0 1 8 197 205 207 Total
Slide 27: Cash Flow
Cash Flow NOK million Cash flow 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 EBITDA continuing operations 155 121 150 220 647 229 193 194 551 1,166 967 EBITDA discontinued operations 443 532 586 727 2,288 640 906 1,225 0 2,772 - Change in cash flow from ope
Slide 28: Balance Sheet – Assets
Balance Sheet – Assets NOK million Assets 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Property, plant and equipment 3,269 3,424 3,533 3,596 3,762 4,246 2,883 3,487 3,830 Intangible assets including Goodwill 5,808 6,101 6,064 5,949 5,958 5,933 3,413 3,563 3,536 Right-of-us
Slide 29: Balance Sheet – Liabilities and Equity
Balance Sheet – Liabilities and Equity NOK million Liabilities and equity 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Total equity attributable to the parent 8,011 8,727 9,129 9,244 9,940 10,506 11,187 19,082 20,176 Non-controlling interests 39 64 41 (4) (3) (3) (56) (129
Slide 30: Split per Segment
Split per Segment NOK million Revenue 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 Renewables and Field Development 2,795 3,958 3,551 4,553 14,857 4,128 5,369 5,576 7,054 22,126 8,003 Life Cycle 2,490 3,160 2,938 3,576 12,164 2,933 3,343 3,249 3,547 13,072
Slide 31: Split per Segment
Split per Segment NOK million NCOA 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 NCOA (2,791) (2,307) (2,347) (4,032) (4,920) (5,753) (6,631) (8,484) (8,774) Order intake 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 Renewables and
Slide 32: Split per Segment – Excluding Special Items
Split per Segment – Excluding Special Items NOK million EBITDA (excl. special items) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 Renewables and Field Development 102 76 124 185 488 171 208 239 362 979 617 Life Cycle 140 189 146 188 663 161 164 163 197 686
Slide 33: Order Backlog by Market
Order Backlog by Market NOK billion, % Order Backlog by Market 1Q 2023 1Q 2024 Norway 81 % 84 % Europe 11 % 10 % North America 5% 4% Asia Pacific 3% 2% Total 100 % 100 % Total backlog (NOK billion) 73.8 68.7 First-Quarter Results 2024 April 25, 2024 33
Slide 34: Aker Solutions
| Aker Solutions
Slide 35: 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