Aker Solutions (AKSO) Q4 2025 earnings summary

Executive summary

• Achieved record-high full-year revenues of NOK 63.2 billion in 2025, up 19% year-over-year, with Q4 revenues at NOK 16.7 billion and strong operational performance across all segments.

• Net cash position increased to NOK 3.7 billion, supported by robust cash generation and dividends from a 20% stake in SLB OneSubsea.

• Board proposes a dividend of NOK 3.60 per share for 2025, up from NOK 3.30 in 2024, representing about 60% of net income excluding special items.

• Order intake reached NOK 66.4 billion in 2025, with a year-end backlog of NOK 64.8 billion, supporting future activity.

• Strategic focus on engineering, consultancy, and Lifecycle segments, with selective renewables growth and strong OneSubsea performance.

Financial highlights

• Q4 2025 EBITDA was NOK 1.3 billion (7.9% margin); full-year EBITDA NOK 5.3 billion (8.4% margin).

• Net income for 2025 was NOK 2.9 billion; EPS NOK 6.10; cash flow from operations NOK 2.6 billion; CapEx NOK 500 million (0.8% of revenues).

• Order backlog at year-end: NOK 64.8 billion; book-to-bill ratio for 2025: 1.1x.

• Distributed NOK 1.6 billion to shareholders in 2025.

• Liquidity buffer at year-end: NOK 8.7 billion.

Outlook and guidance

• 2026 revenues expected between NOK 45–50 billion, with EBITDA margin guidance of 7–7.5% (excluding OneSubsea).

• CapEx expected at ~1% of revenues; working capital to normalize between -NOK 4 billion and -NOK 6 billion.

• Lifecycle revenues expected stable at NOK 15 billion; Renewables and Field Development between NOK 30–35 billion in 2026.

• OneSubsea targets over USD 9 billion in cumulative orders over 2026–2027, with continued strong dividend outlook.

• Ongoing cost and capacity adjustments to align with anticipated activity levels.