Aker BP (AKRBP) investor relations material

Executive summary

• Strong Q3 earnings and cash generation benefited from higher sold volumes and strong realised prices; planned maintenance affected production.

• Skarv Satellites started in August, almost one year ahead of schedule; all nine subsea developments sanctioned in 2022 are now on stream.

• Growth plan targets ~35% production growth from 2026 to 2028 and production above 500 mboepd into the 2030s.

Financial highlights

• Q3 total income was $3.872bn, up from $3.682bn in Q2; net sold volumes rose 5% QoQ to 395.7 mboepd.

• EBITDA was $3.403bn, including $107m of exploration expenses; net profit was $986m and EPS $1.56, including a $262m after-tax impairment reversal.

• Excluding the impairment reversal, net profit was $724m and EPS $1.15.

• Operating cash flow was $2.433bn and free cash flow $557m; working-capital movements included a $478m build from higher receivables.

• Realised liquids price was $100.6/boe and realised gas price $123.3/boe; strong prices and sales timing supported results.

Outlook and guidance

• FY2026 production guidance remains 380,000–400,000 boe/day; 9M production averaged 385,000 boe/day.

• FY2026 production-cost guidance increased to ~$8.5/boe from ~$8/boe; 9M actual was $8.5/boe.

• FY2026 CapEx guidance remains $6.8bn–$7.2bn; exploration spend is ~$400m and abandonment spend ~$100m.

• Yggdrasil and Valhall PWP-Fenris remain on track for mid-2027 start-up; Johan Sverdrup Phase 3 is scheduled for Q4 2027.

• Production is projected at ~525 mboepd in 2028 and above 500 mboepd into the 2030s; Wisting Concept Select is planned for late 2026 and FID in 2027.