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 with a 6.3% margin; 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. The company also reported net cash of NOK 4.3 billion including investments in liquid funds, operating cash flow of NOK -195 million, and CapEx of NOK 73 million, or 0.6% of revenue. Full-year 2026 guidance was raised to revenue of NOK 50-55 billion, EBITDA margin of around 7.5% excluding SLB OneSubsea, CapEx of 0.5%-1% of revenue, and working capital normalization to NOK -4 billion to NOK -6 billion. Segment guidance calls for renewables and field development revenue of NOK 35-40 billion and lifecycle revenue of around NOK 15 billion.

Kjetel Digre framed the quarter as continued solid performance after the 2025 peak activity period, with execution on major projects and broader strategic diversification. He emphasized progress at Aker BP, strong delivery at the yards, and the company's push into CCS, hydropower, and SMR through partnerships and early-phase work. His tone was constructive and confident, focusing on improving execution models, lower complexity, and creating next-level solutions across segments.

Idar Eikrem focused on the quarter’s financial bridge and the updated outlook. He cited NOK 13.1 billion revenue, NOK 1.2 billion underlying EBITDA, NOK 819 million underlying EBIT, NOK 659 million underlying net profit, and NOK 1.37 EPS, while noting a first-half EBITDA margin of 7.8% excluding SLB OneSubsea. He highlighted a robust balance sheet with NOK 4.3 billion net cash, negative quarterly operating cash flow due to a NOK 1.2 billion working capital reversal, modest CapEx of NOK 73 million, and NOK 138 million in quarterly SLB OneSubsea dividends, alongside the NOK 4.2 billion dividend payment to shareholders.

Analysts focused on the second-half revenue trajectory, the rise in 2026 guidance, legacy project provisions, and the size and composition of the tender pipeline. Management said second-half activity should be similar to the first half, with a shift from onshore to offshore on the large Aker BP projects, and said the higher revenue guidance reflects renewed lifecycle frame agreements plus strong Aker BP execution. On legacy projects, management said there was no change in provisions in Q2 and that commercial dialogues are ongoing. On SMR, management said larger construction scopes are expected from early 2029, but there will be meaningful design, detail engineering, and procurement activity before then.