Slide 1: 2Q 2022
2Q 2022 Fornebu, July 14, 2022 Kjetel Digre and Idar Eikrem Photo: Aker BP 2022 © Aker Solutions
Slide 2: 2Q 2022 | On-track with Financial Targets
2Q 2022 | On-track with Financial Targets Revenue Excluding special items EBITDA Excluding special items Financials 10.6 NOK BILLION 691 NOK MILLION ■ On-track with financial targets 12 800 ■ Top and bottom lines increased 10 ■ Subsea and EMM segments with continued strong performance 600 8 ■ Renewa
Slide 3: 2Q 2022 | Operational Highlights
2Q 2022 | Operational Highlights Hod B: Platform EPCI Jansz: Subsea Gas Compression Photo: Aker BP Hywind Tampen: Floating Offshore Wind Decommissioning: Gyda, Valhall, Hod Photo: Allseas?? 2022 © Aker Solutions Second-Quarter Results 2022 July 14, 2022 Slide 3
Slide 4: 2Q 2022 | New Orders
2Q 2022 | New Orders Electrification, Maintenance and Modifications Three-year extension of maintenance and modifications frame agreement with ConocoPhillips on the NCS NOK 3.9 billion Growth in scope on existing contracts and frame agreements Photo: OKEA Subsea Halten East Subsea Production S
Slide 5: NOK 105 Billion of Tendering
70 NOK BILLION 12 NOK BILLION 12 NOK 2 BILLION NOK 9 NOK BILLION BILLION Aker Solutions’ Tender Value Development NOK 105 Billion of Tendering NOK billion 125 105 100 90 76 78 80 81 80 About 15% Related to Energy Transition 75 50 25 0 4Q’20 1Q’21 2Q’21 3Q’21 4Q’21 1Q’22 2Q’22 2022 © Aker Solutions
Slide 6: NCS Incentives Securing Solid Activity-level through 2028
NCS Incentives Securing Solid Activity-level through 2028 – at the same time grow and transform within Renewables & Energy Transition 2020, June 2022, Dec 31 Temporary changes to Deadline to submit the NCS petroleum tax PDOs for operators announced 2020-2022 2022-2029 Several large Study- and FEED a
Slide 7: Outlook
Outlook ■ Well positioned in key growth markets ■ Capitalize on near-term cyclical recovery ■ Increase focus on alliances and partnerships within renewables ■ Well positioned to capitalize on longer-term structural changes in the energy markets ■ Tendering for NOK 105 billion and high ongoing FEED a
Slide 8: Financial Performance
Financial Performance Idar Eikrem, CFO 2022 © Aker Solutions Photo: Jan Arne Wold and Elisabeth Sahl / Equinor
Slide 9: 2Q 2022 | On-track with Financial Targets
2Q 2022 | On-track with Financial Targets NOK million 2Q 2022 2Q 2021 1H 2022 1H 2021 2021 Revenue 10,635 7,020 18,926 13,490 29,473 Financials continue on-track with targets, Revenue ex. special items 10,581 7,018 18,882 13,487 29,464 with a strong financial position EBITDA 653 388 1,251 817 1,842
Slide 10: Solid Finances – Net Cash Position of NOK 3.1 billion
Solid Finances – Net Cash Position of NOK 3.1 billion 2 Working capital1 at minus NOK 2.3 billion Debt Maturity Profile2 NOK billion ■ Continued good progress triggering milestones and pre-payments Undrawn revolving credit facility 6 Cash flow from operations at minus NOK 28 million 5.0 Drawn debt ■
Slide 11: Renewables and Field Development
Renewables and Field Development Revenue EBITDA and Margin1 Financials and Highlights 4.0 NOK BILLION 76 NOK MILLION ■ Revenue of NOK 4.0 billion 5 250 10% ■ Increased progress on recently awarded work 4 200 8% ■ EBITDA1 of NOK 76 million (1.9% margin) 3 150 6% 4% 4% 4% 4% ■ A loss provision on a re
Slide 12: Electrification, Maintenance and Modifications (EMM)
Electrification, Maintenance and Modifications (EMM) Revenue EBITDA and Margin1 Financials and Highlights 3.2 NOK BILLION 189 NOK MILLION ■ Revenue of NOK 3.2 billion 4 250 10% ■ Continued good progress on ongoing work 200 8% 3 5% 5% 6% 6% ■ EBITDA1 of NOK 189 million (6.0% margin) 150 6% 2 4% ■ Con
Slide 13: Subsea
Subsea Revenue EBITDA and Margin1 Financials and Highlights 3.4 NOK BILLION 525 NOK MILLION ■ Revenue of NOK 3.4 billion 4 600 20% 15% 16% ■ Continued good progress in project portfolio 14% 14% 15% 3 400 11% ■ EBITDA1 of NOK 525 million (15.5% margin) 2 10% ■ Continued solid performance in ongoing p
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, % 19.6 20 18.2 Share of Order Backlog 6.5 2Q 2020 2Q 2021 2Q 2022 15 6.4 10 6.6 8.2 6.6 6.6 2.4 1.3 8% 30% 32% 5 1.5 0.6 5.1 6.4 4.4 4.7 0 2022 2023 2024 2025 --> Subsea Rene
Slide 15: Summary Outlook
Summary Outlook ▪ On-track with financial targets ▪ 2022 overall revenue is now ▪ Dividend of NOK 0.20 per share expected to be up by around 30% paid for fiscal year 2021 from 2021 ▪ Very high tendering activity ▪ 2022 overall underlying EBITDA- margin continues to be expected ▪ Selective approach i
Slide 16: Q&A
Be AkerSolutions We solve global energy challenges Ca f for future generations 7
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 125 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 38 ~38 Target ▪ 1/3 of revenues by 2025 Nordsee Ost 1/3 settlement 1Q 2021 2.5 ▪ 2/3 of revenues by 2030 29 29 A
Slide 20: High Demand for Early-Phase Capabilities
High Demand for Early-Phase Capabilities ■ 31 front-end contracts won in 2Q ■ 39% related to Renewables and 1H 2022 1H 2021 Energy Transition work in 1H 2022 ■ Several large projects related to the 69 76 expected uptick in NCS activity are currently in FEED phase Total front-end studies Typical Ongo
Slide 21: Renewables and Energy Transition
Renewables and Energy Transition NOK million Revenue 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 Total revenue (excl. special items) 6,724 6,393 6,839 28,548 6,469 7,018 7,311 8,666 29,464 8,301 10,581 Revenue from Renewables and Energy Transition 371 283
Slide 22: Transition Journey Well Underway
Transition Journey Well Underway Selection of 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 Compression Chevron AUS Wind
Slide 23: Special Items
Special Items NOK million, (Gain) / Loss Special items (EBITDA) 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 Restructuring 117 183 61 516 2 3 19 0 25 1 0 Non-qualifying hedges (8) (1) (5) (4) (7) (2) (1) 3 (7) (18) 32 Gain on dividend distribution of CCUS a
Slide 24: Income Statement
Income Statement NOK million Income statement consolidated 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 Revenue 6,721 7,198 6,875 29,396 6,470 7,020 7,314 8,668 29,473 8,291 10,635 Operating expenses (6,340) (6,122) (6,792) (27,857) (6,041) (6,632) (6,873)
Slide 25: Cash Flow
Cash Flow NOK million Cash flow 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 Net profit (110) 291 (844) (1,520) 27 60 100 63 249 175 276 Change in cash flow from operating activities 19 604 1,455 2,421 455 200 476 1,418 2,549 1,409 (303) Net cash flow from
Slide 26: Balance Sheet – Assets
Balance Sheet – Assets NOK million Assets 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Property, plant and equipment 4,051 3,912 3,567 3,400 3,397 3,262 3,231 3,269 3,424 Intangible assets including Goodwill 6,155 6,002 5,825 5,806 5,768 5,743 5,724 5,808 6,101 Right-of-us
Slide 27: Balance Sheet – Liabilities and Equity
Balance Sheet – Liabilities and Equity NOK million Liabilities and equity 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Total equity attributable to the parent 9,879 9,141 7,870 7,784 7,903 7,870 7,833 8,011 8,727 Non-controlling interests 78 58 38 38 37 35 28 39 64 Total e
Slide 28: Split Per Segment
Split Per Segment NOK million Revenue 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 Renewables and Field Development 2,303 2,538 2,879 10,829 2,750 2,655 2,499 2,721 10,625 2,795 3,958 Electrification, Maintenance and Modifications 2,111 1,877 2,052 8,733 1,
Slide 29: Split Per Segment
Split Per Segment NOK million NCOA 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 NCOA 929 312 (280) (118) (398) (666) (1,784) (2,791) (2,307) Order intake 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 Renewables and Field Developmen
Slide 30: Split Per Segment – Excluding Special Items
Split Per Segment – Excluding Special Items NOK million EBITDA (excl. special items) 2Q 2020 3Q 2020 4Q 2020 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 Renewables and Field Development 204 193 259 549 248 95 89 108 540 102 76 Electrification, Maintenance and Modifications 84 66
Slide 31: Order Backlog by Market
Order Backlog by Market NOK billion, % Order Backlog by Market 2Q 2021 2Q 2022 Africa 1% 2% Asia Pacific 23 % 17 % North America 6% 11 % Norway 65 % 58 % Europe 1% 7% South America 4% 4% Total 100 % 100 % Total amount in NOK billion 45.8 52.7 2022 © Aker Solutions Second-Quarter Results 2022 July 14
Slide 32: 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 33: 2022 © Aker Solutions
2022 © Aker Solutions