Aker Solutions (AKSO) Q4 2024 earnings summary

Executive summary

• Achieved 47% annual revenue growth to NOK 53.2 billion in 2024, surpassing initial targets and delivering strong shareholder returns.

• Workforce expanded to 11,800 across 15+ countries, with India as a key engineering hub.

• Maintained a robust order backlog of NOK 61 billion at year-end, ensuring strong visibility for 2025.

• Tender pipeline increased to NOK 86 billion, with several new contracts secured in early 2025.

• Launched consulting arm ENTR, achieving 50% revenue growth in 2024.

Financial highlights

• Full-year 2024 revenue reached NOK 53.2 billion, up 47% year-on-year; Q4 revenue was NOK 15.7 billion, up 43% YoY.

• Full-year EBITDA (excluding special items) was NOK 4.6 billion (8.7% margin); Q4 EBITDA was NOK 1.2 billion (7.8% margin).

• Net income for the year (excluding special items): NOK 3.2 billion; EPS for 2024: NOK 6.62.

• Proposed dividend per share: NOK 3.30 for 2024, about 50% of net profit (excluding special items).

• Net cash position at year-end: NOK 2.9 billion after extraordinary dividend; liquidity buffer of NOK 5.9 billion.

Outlook and guidance

• 2025 revenue expected between NOK 50–55 billion; EBITDA margin guidance of 7–7.5% (excluding OneSubsea).

• Order backlog and secured revenues provide high visibility into 2025 and beyond.

• Life Cycle segment expected to grow by about 10% in 2025.

• CapEx expected at 1–1.5% of revenues going forward; working capital expected to normalize to NOK -4 to -6 billion.

• OneSubsea targets over USD 250 million in dividends to shareholders in 2025.