Aker Solutions (AKSO) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 reached NOK 15.2 billion, up 18-20% year-over-year, with an EBITDA margin of 8.3% and net income of NOK 693 million.

• Lifecycle segment delivered 30% revenue growth and improved margins, while legacy lump sum projects continued to weigh on margins.

• Order backlog remained strong at NOK 68 billion, with high operational activity and key milestones in renewables, CCS, and digital solutions.

• Robust financial position with a net cash position of NOK 2.1 billion and operational cash flow of NOK 400 million.

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

Financial highlights

• Q2 revenue was NOK 15.2 billion, up 18% year-over-year, with underlying EBITDA of NOK 1.3 billion (8.3% margin).

• EBIT was NOK 901 million (5.9% margin); EPS was NOK 1.46; dividend per share of NOK 3.30 paid in May.

• CapEx was NOK 135 million, less than 1% of revenues; operational cash flow was NOK 400 million.

• Quarterly dividend from OneSubsea was NOK 145 million.

• Book-to-bill ratio in both main segments at 0.7x for the quarter.

Outlook and guidance

• 2025 revenue expected to exceed NOK 55 billion, with EBITDA margin between 7% and 7.5% (excluding OneSubsea).

• Revenue in renewables and field development expected to grow 5-10% in 2025; lifecycle segment revenue expected to grow about 10%.

• CapEx for 2025 estimated at 1-1.5% of revenue; working capital expected to normalize between -NOK 4 billion and -NOK 6 billion.

• OneSubsea aims to distribute over $250 million to shareholders in 2025, implying over NOK 500 million to Aker Solutions.

• Ordinary dividend policy targets 40–60% of adjusted net income to shareholders.