Aker Solutions (AKSO) Q3 2025 earnings summary

Executive summary

• Revenues increased 29% year-over-year to NOK 17.0 billion, reflecting high activity and strong margins across all segments.

• Net income reached NOK 863 million, with EPS of NOK 1.79 for the quarter.

• Order backlog stood at NOK 61.7 billion, with continued strong tender activity and key project milestones achieved.

• Predictable project execution achieved across major portfolios, including milestones in Aker BP and the Ormen Lange Phase 3 project.

• Robust financial position with net cash of NOK 2.5 billion and operational cash flow of NOK 400 million in the quarter.

Financial highlights

• EBITDA (excluding special items) was NOK 1.5 billion (8.8% margin), up from NOK 1.2 billion a year ago; EBIT NOK 1.1 billion (6.6% margin); net income NOK 863 million (EPS NOK 1.79).

• CapEx for the quarter was NOK 94 million (0.6% of revenues); CapEx for 2025 estimated at 1% of revenue.

• Dividend per share of NOK 3.30, with a policy to distribute 40-60% of adjusted net income.

• Dividend income from SLB OneSubsea was NOK 142 million in the quarter; total net income from OneSubsea YTD is NOK 670 million.

• Working capital expected to normalize between negative NOK 4 billion and negative NOK 6 billion over time.

Outlook and guidance

• Full-year 2025 revenues expected to exceed NOK 60 billion, with EBITDA margin guidance of 7%-7.5% (excluding SLB OneSubsea).

• 2026 revenues expected to decrease to around NOK 45 billion due to lower activity.

• Renewables and Field Development segment revenue for 2025 expected at NOK 45 billion (+20% YoY); Life Cycle segment at NOK 15 billion (+15% YoY).

• SLB OneSubsea dividend to Aker Solutions forecasted at NOK 550–600 million (USD 280 million) in 2025.

• CapEx expected at around 1% of revenues in 2025.