Aker Solutions (AKSO) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached NOK 15.2 billion, up 18–20% year-over-year, with EBITDA margin of 8.3% and strong performance across segments.

• H1 2025 revenue totaled NOK 29.5 billion, with EBITDA at NOK 2.5 billion (8.4% margin); net income declined due to unrealized losses and higher tax rate.

• Order backlog remained robust at NOK 68 billion, supported by high tendering activity and major contract wins.

• Major project milestones achieved in oil & gas, renewables, and CCS, including Valhall PWP installation and first CO2 capture at Brevik.

• Maintained strong net cash position of NOK 2.1 billion after NOK 1.6 billion dividend payment.

Financial highlights

• Q2 revenue was NOK 15.2 billion, up 18% year-over-year; H1 revenue NOK 29.5 billion, up 22%.

• Q2 EBITDA was NOK 1.3 billion (8.3% margin); H1 EBITDA NOK 2.5 billion (8.4% margin); EPS NOK 1.46 in Q2, NOK 2.81 in H1.

• Net cash position at NOK 2.1 billion; operational cash flow NOK 400 million in Q2, NOK 1.2 billion in H1.

• CapEx was NOK 135 million (<1% of revenue); dividend payout NOK 1.6 billion (NOK 3.3/share).

• Order intake for H1 was NOK 36.5 billion (1.3x book-to-bill); Q2 order intake NOK 10.9 billion (0.7x book-to-bill).

Outlook and guidance

• Full-year 2025 revenue expected to exceed NOK 55 billion, with EBITDA margin between 7.0% and 7.5% (excluding OneSubsea).

• Renewables and field development revenue expected to grow 5–10% in 2025; lifecycle segment revenue 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 in dividends in 2025, implying over NOK 500 million to the company.

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