Slide 1: 1Q 2023
Photo: Aker BP 1Q 2023 Fornebu, May 4, 2023 Kjetel Digre, CEO Idar Eikrem, CFO 2023 © Aker Solutions
Slide 2: 1Q 2023 | Solid Performance
1Q 2023 | Solid Performance Revenue Excluding special items EBITDA Excluding special items Financials 11.4 NOK BILLION 906 NOK MILLION ■ Solid increase in key financials from same period last year 14 1 000 ■ All-time high secured backlog creating good transparency 12 800 ■ Strong financial position
Slide 3: 1Q 2023 | Operational Highlights
1Q 2023 | Operational Highlights Yggdrasil: Fixed platform & Subsea Prod. Johan Castberg: FPSO Brevik CCS: Carbon Capture, CCS Skarv: Subsea Products & Topside Mod. NCS 2017/2020/2022: Subsea Products Northern Lights: Carbon Storage, CCS Valhall PWT - Fenris: Fixed Platforms Jansz: Subsea Gas Compre
Slide 4: 1Q 2023 | New Orders
1Q 2023 | New Orders Renewables and Field Development Rosebank EPC contract for upgrade of the Petrojarl Knarr FPSO, for Altera Infrastructure NOK 2.9 billion Growth in scope on existing contracts, such as the Castberg FPSO Electrification, Maintenance and Modifications Modification contract,
Slide 5: Tender Value at NOK 79 Billion
Tender Value at NOK 79 Billion Tender Value Development 41 NOK billion NOK 115 BILLION 120 105 90 81 90 78 80 80 78 79 60 30 0 1Q’21 2Q’21 3Q’21 4Q’21 1Q’22 2Q’22 3Q’22 4Q’22 1Q’23 6 NOK BILLION 2 NOK BILLION 10 NOK BILLION 20 NOK BILLION About 50% related to Aker Solutions segments excl. Subsea1 1
Slide 6: Outlook
Outlook ■ Well positioned for long-term growth and shareholder value creation ■ Solid financial position ■ De-leveraged balance sheet with net cash position of NOK 6.6 bn ■ Subsea JV to unlock significant shareholder value ■ All-time high secured order backlog ■ ~75% of backlog related to Aker Solut
Slide 7: Financial Performance
Financial Performance Idar Eikrem, CFO 2023 © Aker Solutions Photo: Jan Arne Wold and Elisabeth Sahl, Equinor
Slide 8: 1Q 2023 | Solid Performance
1Q 2023 | Solid Performance NOK million 1Q 2023 1Q 2022 4Q 2022 2022 Revenue 11 495 8 291 12 456 41 417 Financials continue on-track with targets, Revenue ex. special items 11 427 8 301 12 455 41 378 with a strong financial position EBITDA 868 598 947 2 934 EBITDA margin 7.6% 7.2% 7.6% 7.1% ■ Revenu
Slide 9: Solid Finances – Net Cash Position of NOK 6.6 Billion
Solid Finances – Net Cash Position of NOK 6.6 Billion 1 Net cash position1 of NOK 6.6 billion Debt Maturity Profile1 NOK billion Available liquidity of NOK 10.1 billion 8 Undrawn revolving credit facility Drawn debt ■ Cash NOK 7.1 billion and RCF NOK 3.0 billion Cash flow from operations at NOK 1.7
Slide 10: Renewables and Field Development
Renewables and Field Development Revenue EBITDA and Margin1 Financials and Highlights 4.1 NOK BILLION 171 NOK MILLION ■ Revenue of NOK 4.1 billion in quarter 5 250 14% ■ Several projects in early stages of execution 12% 4 200 10% 3 150 8% ■ EBITDA1 of NOK 171 million (4.1% margin) in quarter 2 100 4
Slide 11: Electrification, Maintenance and Modifications (EMM)
Electrification, Maintenance and Modifications (EMM) Revenue EBITDA and Margin1 Financials and Highlights 2.9 NOK BILLION 161 NOK MILLION ■ Revenue of NOK 2.9 billion in quarter 4 250 16% ■ 18% increase from same period last year 14% 3 200 12% ■ EBITDA1 of NOK 161 million (5.5% margin) in quarter 15
Slide 12: Subsea
Subsea Revenue EBITDA and Margin1 Financials and Highlights 4.3 NOK BILLION 658 NOK MILLION ■ Revenue of NOK 4.3 billion in the quarter 5 1,000 20% 17% 18% ■ Delivered revenue growth of 45% compared to same period last year 16% 15% 4 800 14% 15% ■ EBITDA1 of NOK 658 million (15.2% margin) for the qu
Slide 13: High Order Backlog – Solid visibility for activity forward
High Order Backlog – Solid visibility for activity forward Order Backlog by Execution Year NOK billion Renewables and Energy Transition1 NOK billion, % 40 36.0 Share of Order Backlog 32.3 1Q 2021 1Q 2022 1Q 2023 30 10.5 10.6 21.3 20 2.9 18.1 13.5 18% 33% 16% 13.3 9.3 10 1.2 4.8 8.0 7.3 5.1 3.3 0 202
Slide 14: Summary Outlook
Summary Outlook ▪ On track with strategy and targets ▪ 2023 overall revenues continue to be expected up by around 15% from 2022, based on secured ▪ Dividend of NOK 1.00 per share paid backlog and market activity for fiscal year 2022 (incl. Subsea ‘as-is’) ▪ Increased revenues and margins in ▪ 2023 o
Slide 15: Q&A
Be AkerSolutions We solve global energy challenges Ca f for future generations 7
Slide 16: Additional Information
Additional Information 2023 © Aker Solutions
Slide 17: Well Positioned for Shareholder Value Creation
Well Positioned for Shareholder Value Creation Aker Solutions post-close of JV, ambitions ▪ NOK 74 billion of backlog at 1Q-2023, excl. Subsea, majority of which are lower-risk NCS projects with upside potential through alliance models ▪ EBITDA margin, excl. Subsea, to increase from current levels ▪
Slide 18: JV Transaction | Unlocking Significant Shareholder Value
JV Transaction | Unlocking Significant Shareholder Value Final ownership structure Receiving USD 700 million Retaining 20% ownership as consideration for 20% ownership and cash generation until close USD 306.5 million Cash 20% JV ownership A leading subsea company2 Will contribute to Aker Solutions’
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 Subsea Project Customer Award year Delivery year (est.) Project Customer Award year Delivery year (est.) Johan Castberg Equinor 2017 2024 Jansz, subsea gas compression Chevron 2021 2025 Hugin A Aker BP 20
Slide 20: Ordinary Dividend Policy of 30-50% of Annual Net Profit
Ordinary Dividend Policy of 30-50% of Annual Net Profit Priorities Maintain sufficient Balanced capital allocation strategy to protect Financial robustness and drive growth in shareholder value Prudent management of the balance sheet ■ Financial robustness to handle business cycles ■ Maintain flexib
Slide 21: Renewables and Transitional Energy Solutions
Renewables and Transitional Energy Solutions NOK Million Revenue 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 Total revenue (excl. special items) 6 469 7 018 7 311 8 666 29 464 8 301 10 581 10 041 12 455 41 378 11 427 Renewables and Transitional Energy Solu
Slide 22: Transition Journey Well Underway
Transition Journey Well Underway Selection of work related to Renewables and Transitional Energy Solutions Type Project Main scope Customer Region Type Project Main scope Customer Region Offshore Hywind Tampen Floating foundations for wind Equinor NOR Subsea Gas Jansz-Io Subsea Gas Compression Chevr
Slide 23: 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 2022 have been used when prepari
Slide 24: Alternative Performance Measures
Alternative Performance Measures Profit Measures Electrification, Renewables & Other/ Maintenance & Subsea Aker Solutions Field Development eliminations Modifications EBITDA and EBIT terms are presented as they are used by NOK million 1Q 2023 1Q 2022 1Q 2023 1Q 2022 1Q 2023 1Q 2022 1Q 2023 1Q 2022 1
Slide 25: 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 26: 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 27: Special Items
Special Items NOK million, (Gain) / Loss Special items (EBITDA) 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 Restructuring 2 3 19 0 25 1 0 (0) 1 3 2 Non-qualifying hedges (7) (2) (1) 3 (7) (18) 32 (4) 2 12 5 Other special items 2 3 1 6 12 2 6 17 48 73 30 To
Slide 28: Income Statement
Income Statement NOK million Income statement consolidated 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 Revenue 6 470 7 020 7 314 8 668 29 473 8 291 10 635 10 035 12 456 41 417 11 495 Operating expenses (6 041) (6 632) (6 873) (8 085) (27 631) (7 693) (9 98
Slide 29: Cash Flow
Cash Flow NOK million Cash flow 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 EBITDA 429 388 441 583 1 842 598 653 736 947 2 934 868 Change in cash flow from operating activities 53 (129) 135 898 957 986 (681) 33 1 245 1 584 832 Net cash flow from operating
Slide 30: Balance Sheet – Assets
Balance Sheet – Assets NOK million Assets 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Property, plant and equipment 3 400 3 397 3 262 3 231 3 269 3 424 3 533 3 596 3 762 Intangible assets including Goodwill 5 806 5 768 5 743 5 724 5 808 6 101 6 064 5 949 5 958 Right-of-us
Slide 31: Balance Sheet – Liabilities and Equity
Balance Sheet – Liabilities and Equity NOK million Liabilities and equity 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Total equity attributable to the parent 7 784 7 903 7 870 7 833 8 011 8 727 9 129 9 244 9 940 Non-controlling interests 38 37 35 28 39 64 41 -4 -3 Total e
Slide 32: Split Per Segment
Split Per Segment NOK million Revenue 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 Renewables and Field Development 2 750 2 655 2 499 2 721 10 625 2 795 3 958 3 551 4 553 14 857 4 128 Electrification, Maintenance and Modifications 1 863 2 360 2 406 2 568 9
Slide 33: Split Per Segment
Split Per Segment NOK million NCOA 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 NCOA (118) (398) (666) (1 784) (2 791) (2 307) (2 347) (4 032) (4 920) Order intake 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 Renewables and Field
Slide 34: Split Per Segment – Excluding Special Items
Split Per Segment – Excluding Special Items NOK million EBITDA (excl. special items) 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 Renewables and Field Development 248 95 89 108 540 102 76 124 185 488 171 Electrification, Maintenance and Modifications 76 126
Slide 35: Order Backlog by Market
Order Backlog by Market NOK billion, % Order Backlog by Market 1Q 2022 1Q 2023 Africa 2% 1% Asia Pacific 19 % 6% North America 11 % 5% Norway 62 % 76 % Europe 1% 8% South America 4% 3% Total 100 % 100 % Total backlog (NOK billion) 48.0 98.9 2023 © Aker Solutions First-Quarter Results 2023 May 4, 202
Slide 36: 2023 © Aker Solutions
2023 © Aker Solutions
Slide 37: 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