Aker BP (AKRBP) investor relations material

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with 97% production efficiency and sector-leading low costs, supported by robust cash flow and high oil prices.

• Symra project delivered first oil nine months ahead of schedule, demonstrating project execution strength and boosting near-term production.

• Production averaged 398 mboepd, with cost per barrel at $7.7 and emissions intensity at 3 kg CO2 per barrel.

• Strategy targets ~35% production growth from 2026 to 2028, sustaining production above 500 mboepd into the 2030s.

• Major projects (Yggdrasil, Valhall PWP-Fenris, Skarv Satellites) and tiebacks are progressing ahead of plan, supporting future growth.

Financial highlights

• Q1 2026 total income was $3,026 million, with realized liquids price at $82 per barrel and gas at $80 per barrel of oil equivalent.

• EBITDA reached $2,662 million, and net profit was $758 million, reversing a net loss of $145 million in Q4 2025.

• Earnings per share were $1.20, and dividend per share was $0.6615 in Q1 2026.

• Operating cash flow was $2 billion, benefiting from higher income and lower tax payments.

• Net impairment reversal of $522 million, mainly related to Valhall intangible assets, driven by higher short-term oil and gas prices.

Outlook and guidance

• 2026 guidance reconfirmed: production between 370,000–400,000 barrels per day, production cost around $8 per barrel, and CapEx of $6.2–$6.7 billion.

• Free cash flow generation is robust across oil price scenarios, with leverage ratio not expected to exceed 1.5x even in a prolonged low price environment.

• Ambition to grow dividend by at least 5% per year through the current investment cycle, with planned 2026 dividend at $2.646 per share.

• Exploration spend expected at $400 million and abandonment spend at $100 million in 2026.

• Well positioned for long-term value creation with robust balance sheet and low emissions intensity.