Aker Solutions (AKSO) investor relations material

Executive summary

• Delivered solid financial results in Q2 and H1 2026, with Q2 revenue at NOK 13.1 billion and H1 revenue at NOK 26.5 billion, reflecting normalization after the 2025 peak.

• EBITDA margin was 9.2% in Q2 and 8.9% for H1 2026, with Q2 EBITDA at NOK 1.2 billion and H1 EBITDA at NOK 2.4 billion.

• Paid NOK 4.2 billion in cash dividends during Q2, including ordinary and extraordinary distributions following the SLB share sale.

• Order intake reached NOK 38.7 billion in H1, with a backlog of NOK 77.2 billion, supported by major project milestones and new contracts in CCS, hydropower, and SMR.

• Progress on Aker BP projects, CCS, hydropower, and SMR, with strategic partnerships and new frame agreements secured.

Financial highlights

• Q2 revenue was NOK 13.1 billion, H1 revenue NOK 26.5 billion; Q2 EBITDA NOK 1.2 billion (9.2% margin), H1 EBITDA NOK 2.4 billion (8.9% margin).

• Net profit for Q2 was NOK 659 million; H1 net profit NOK 1,661 million; EPS for Q2 NOK 1.37, H1 NOK 3.43 (NOK 2.67 ex. special items).

• Net cash position at quarter-end was NOK 4.3 billion; liquidity reserve NOK 7.3 billion.

• CapEx for Q2 was NOK 73 million (0.6% of revenues); NOK 138 million in dividends received from SLB OneSubsea.

• Cash flow from operations was negative NOK 195 million in Q2 due to working capital reversal; H1 operating cash flow increased to NOK 2.5 billion.

Outlook and guidance

• 2026 revenue guidance raised to NOK 50–55 billion; underlying EBITDA margin expected at ~7.5% (excluding SLB OneSubsea).

• CapEx expected between 0.5% and 1% of revenue; working capital to normalize to NOK -4 to -6 billion.

• Dividends from SLB OneSubsea anticipated to increase in H2 2026, supporting distributions in line with 2025.

• Renewables and field development segment revenue expected at NOK 35–40 billion; lifecycle segment at NOK 15 billion for 2026.

• International growth targeted in oil, gas, renewables, and SMR; digitalization and sustainability remain strategic priorities.