Aker Solutions (AKSO) Q4 2025 earnings summary

Executive summary

• Achieved record-high full-year revenues of NOK 63.2 billion in 2025, up 19% year-over-year, with Q4 revenues at NOK 16.7 billion and strong operational performance across all segments.

• Net cash position increased to NOK 3.7 billion, supported by robust cash generation and dividends from a 20% stake in SLB OneSubsea.

• Board proposes a dividend of NOK 3.60 per share for 2025, up from NOK 3.30 in 2024, representing about 60% of net income excluding special items.

• Order intake reached NOK 66.4 billion in 2025, with a year-end backlog of NOK 64.8 billion, supporting future activity.

• Continued expansion in engineering, consultancy, and Lifecycle segments, with long-term agreements and key milestones met on major projects.

Financial highlights

• Q4 2025 EBITDA was NOK 1.3 billion (7.9% margin); full-year EBITDA NOK 5.3 billion (8.4% margin, 7.3% excluding OneSubsea).

• Net income for 2025 was NOK 2.9 billion; EPS NOK 6.10.

• Cash flow from operations was NOK 2.6 billion; CapEx NOK 500 million (0.8% of revenues).

• Distributed NOK 1.6 billion to shareholders in 2025.

• Book-to-bill ratio for 2025 was 1.1x.

Outlook and guidance

• 2026 revenues expected between NOK 45–50 billion, with EBITDA margin guidance of 7–7.5% (excluding OneSubsea/SLB OneSubsea net income).

• Renewables and Field Development segment revenues forecasted at NOK 30–35 billion; Lifecycle segment to remain stable at NOK 15 billion.

• CapEx expected at ~1% of revenues; working capital to normalize between -NOK 4 billion and -NOK 6 billion.

• Activity levels expected to decline from 2025 peak, with cost and capacity adjustments underway.

• Life Cycle segment secured long-term frame agreements, ensuring visibility for 5–10 years.