Aker Solutions Hldg Asa (AKRTF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Aake Solutions presentation of our third quarter results. My name is Preben Ørbæk and I'm the head of investor relations. As usual, I'm joined by our CEO Kjetil Digre and our CFO Idar Eikrem, who will take you through the main developments of the quarter. After the presentation, we have time for questions. Those of you who are following the webcast can submit your questions via the online platform. And with that, I leave the floor to Kjetil Digre. Thank you, Preben, and welcome to everyone tuning in. As always, let me start the presentation with the main messages for today. First and foremost, I'm pleased to report that we continue to deliver solid financial results in a period of high activity. Our third quarter revenues were 17 billion kroner, which is an increase of almost 30% from the same period last year. And we delivered an EBITDA margin of 8.8% in the quarter, or 7.2% if we exclude net income from SLB 1 sub-sig. In Aker Solutions, our core focus is to deliver predictable project execution. And during the quarter, I'm pleased to report that we met all key milestones on the Aker BP portfolio and celebrated the official opening of the record-breaking Ormen Lange Phase 3 project at Nyhavna. And speaking of high activity, based on our secured backlog, we now expect revenues for the full year of 2025 to exceed 60 billion. To put this into perspective, this represents more than three times our revenues in 2020 and 2021 when excluding the subsidy division. However, as we mentioned in our second quarter presentation, we expect activity levels to come down in 2026. Market conditions are changing, and we need to adapt. But fortunately, that is how we have always operated. First of all, we have a scalable business model that is designed to res...