Aker Solutions ASA

Second-quarter revenue was NOK 13.1 billion, down about 14% year over year. Underlying EBITDA was NOK 1.2 billion, with a 9.2% margin, or 7.9% excluding net profit from SLB OneSubsea; underlying EBIT was NOK 819 million, underlying net profit was NOK 659 million, and EPS was NOK 1.37. For the first half of 2026, underlying net profit was NOK 1.3 billion and EPS was NOK 2.67. Segment-wise, renewables and field development revenue was NOK 9 billion with EBITDA of NOK 846 million and a 9.4% margin, while lifecycle revenue was NOK 3.6 billion with EBITDA of NOK 267 million and a 7.4% margin. Full-year 2026 guidance was raised to revenue of NOK 50 billion to NOK 55 billion, EBITDA margin of around 7.5% excluding SLB OneSubsea, CapEx of 0.5% to 1% of revenue, and working capital normalizing to between NOK -4 billion and NOK -6 billion. Segment guidance was NOK 35 billion-NOK 40 billion for renewables and field development and around NOK 15 billion for lifecycle.

Kjetel Digre said the quarter showed the company continuing to deliver solid financial results after the 2025 peak activity period, while still meeting major project milestones. He emphasized strong execution on the Aker BP portfolio, progress in CCS, hydropower, and SMR, and said the company is maturing opportunities with strategic partners. His tone was confident and constructive, with repeated emphasis on doing projects “smarter, simpler, and together.”

Idar Eikrem focused on the quarter’s hard numbers and the revised outlook. He said revenue fell about 14% year over year to NOK 13.1 billion, EBITDA margin was 9.2% or 7.9% excluding SLB OneSubsea, and net cash was NOK 4.3 billion including liquid-fund investments. He also noted operating cash flow of NOK -195 million due to a NOK 1.2 billion working-capital reversal, CapEx of NOK 73 million, dividends received from SLB OneSubsea of NOK 138 million, and NOK 4.2 billion paid out to shareholders in late April.

Analysts focused on the second-half trajectory, the higher 2026 guidance, legacy project provisions, and how much revenue can be expected from newer growth areas like CCS, hydropower, and SMR. Management said H2 activity should remain high, with a shift from onshore to offshore on the Aker BP projects, and that the 2026 revenue increase mainly reflects new frame agreements and stronger project execution since the original forecast. On legacy projects, management said there was no new provision change in Q2, with some estimate changes taken in Q1; on SMR, they said larger construction scopes are expected from early 2029, but meaningful engineering, design, and procurement work will come before then.