Aker Solutions (AKSO) investor relations material

Executive summary

• Revenues normalized from 2025 peak levels, with Q1 2026 revenue at NOK 13.4 billion and robust financial performance.

• Strong order intake of NOK 28.8 billion drove backlog to a record NOK 80.2 billion, supported by long-term frame agreements with Equinor and Aker BP.

• Annual general meeting approved NOK 8.60 per share in dividends, including extraordinary payout from SLB share sale, paid in April 2026.

• Major projects progressed as planned, with expansion into emerging markets such as small modular reactors and data centers.

• Safety remains a top priority following a fatal accident at the Stord decommissioning site in early April.

Financial highlights

• Q1 2026 revenue was NOK 13.4 billion, down from NOK 14.4 billion in Q1 2025, reflecting expected normalization.

• EBITDA (excluding special items) was NOK 1.2 billion (8.6% margin); EBIT margin 5.8%; EPS NOK 1.31.

• Net income excluding special items was NOK 634 million; gain from SLB share sale of NOK 544 million recognized as a special item.

• Net cash position at quarter end was NOK 8.7 billion.

• Operational cash flow NOK 2.7 billion; CapEx in Q1 was NOK 57 million (0.4% of revenue).

Outlook and guidance

• Full-year 2026 revenue expected around NOK 50 billion with stable underlying EBITDA margin (excluding SLB OneSubsea) guided at 7.0–7.5%.

• CapEx expected at 1% of revenue in 2026 and onwards.

• Working capital expected to normalize to NOK -4 to -6 billion over coming quarters.

• High activity in early-phase consulting and engineering studies positions for future opportunities.