Aker Solutions (AKSO) Q1 2025 earnings summary

Executive summary

• First quarter revenue reached NOK 14.4 billion, up 25% year-over-year, driven by high activity across all business segments and strong order intake.

• Order intake was NOK 25.6 billion, with a book-to-bill ratio of 1.8x, and order backlog rose to NOK 72.1 billion.

• Shareholder distribution remains a priority, with a NOK 3.30 per share dividend approved for 2024, payable in May 2025.

• Net cash position at quarter-end was NOK 3.4 billion, reflecting solid financial health and strong cash generation.

• High tendering and early-phase study activity positions the company for future growth.

Financial highlights

• EBITDA excluding special items was NOK 1.2 billion (8.4% margin), with underlying margin excluding OneSubsea at 7.2%.

• Net income excluding special items was NOK 640 million; EPS at NOK 1.35.

• Net cash position improved to NOK 3.4 billion, with operational cash flow of NOK 0.8 billion and CapEx of NOK 94 million.

• Dividend payout represents about 50% of adjusted net income.

• Dividends from OneSubsea contributed NOK 152 million in 1Q 2025.

Outlook and guidance

• 2025 revenues expected to exceed NOK 55 billion, with EBITDA margin guidance of 7%-7.5% (excluding OneSubsea).

• CapEx for 2025 estimated at 1%-1.5% of revenues.

• Working capital expected to normalize to between negative NOK 4-6 billion by 2026.

• Order backlog supports execution into 2025 and beyond.

• Large tender pipeline of about NOK 85 billion, mainly in European oil and gas.