Aker Solutions Q2 2025 presentation: Revenue jumps 18% as energy transition projects advance

Introduction & Market Context

Aker Solutions (OB:AKSO) reported strong financial results for the second quarter of 2025, with significant revenue growth and stable margins amid high activity levels across its project portfolio. The company presented its Q2 2025 results on July 11, highlighting solid performance in both traditional oil and gas projects as well as expanding initiatives in renewable energy and carbon capture solutions.

The Norwegian energy services provider continues to leverage its engineering expertise to capitalize on the global energy transition while maintaining its strong position in conventional energy markets, particularly in the Norwegian Continental Shelf.

Quarterly Performance Highlights

Aker Solutions delivered substantial financial growth in Q2 2025, with revenue reaching NOK 15.2 billion, representing an 18% increase compared to NOK 12.8 billion in the same period last year. EBITDA came in at NOK 1.3 billion with an 8.3% margin, while EBIT stood at NOK 901 million (5.9% margin).

As shown in the following financial performance overview:

Net income for the quarter reached NOK 693 million, translating to earnings per share of NOK 1.46. The company maintained a solid order intake of NOK 10.9 billion, supporting a robust order backlog of NOK 68 billion, which provides strong visibility for future revenue streams.

The company’s cash position remains healthy despite significant dividend payments during the quarter. The cash flow statement reveals:

Aker Solutions ended the quarter with a net cash position of NOK 2.1 billion after paying out dividends of NOK 1.6 billion. Cash flow from operations was NOK 0.4 billion, while capital expenditures remained modest at NOK 135 million, reflecting the company’s asset-light business model.

Strategic Initiatives

Carbon Capture and Storage Value Chain

A key strategic focus for Aker Solutions is its expanding role in developing a full-scale carbon capture and storage (CCS) value chain in Norway. The company is leveraging three decades of experience in this field to position itself as a leader in the growing CCS market.

As illustrated in the company’s CCS initiatives across Norway:

Significant milestones include the official opening of the world’s first CO2 capture facility at Brevik, Norway, with capacity to capture 400,000 tons of CO2 annually. The company has also begun work on Celsio’s carbon capture facilities in Oslo, which will enable capture of 350,000 tons of CO2 annually. Additionally, ongoing capacity expansion at the Northern Lights terminal will enable injection and storage of 5 million tons of CO2.

Renewable Energy Growth

Aker Solutions continues to expand its renewable energy portfolio, with revenues from renewables and transitional energy solutions reaching NOK 3.3 billion in Q2 2025, representing 22% of total revenue.

The following chart illustrates the company’s growing presence in renewable and transitional energy markets:

The renewable energy order backlog reached NOK 28.7 billion, accounting for 42% of the total backlog, demonstrating the company’s successful pivot toward more sustainable energy solutions while maintaining its core oil and gas business.

Segment Performance

Both of Aker Solutions’ main business segments showed strong performance in the quarter:

The Renewables and Field Development segment generated revenue of NOK 10.8 billion, a 14% increase compared to the same period last year, with EBITDA of NOK 829 million (7.7% margin).

The Life Cycle segment demonstrated even stronger growth, with revenue and EBITDA both increasing by 30% year-over-year. This segment generated NOK 3.9 billion in revenue with an EBITDA of NOK 275 million (7% margin).

Forward-Looking Statements

Aker Solutions provided positive guidance for the remainder of 2025, expecting full-year revenues to exceed NOK 55 billion with an EBITDA margin between 7.0% and 7.5% (excluding net income from OneSubsea).

The company’s outlook summary highlights several key points:

Management emphasized the continued high level of tendering and early-phase study activity, particularly in Europe where tender values reached NOK 74 billion. The company’s dividend policy remains attractive, with a target to distribute 40-60% of adjusted net income to shareholders.

OneSubsea, a strategic investment for Aker Solutions, is expected to distribute dividends of more than USD 250 million in 2025, providing additional cash flow to support the company’s capital allocation strategy.

Detailed Financial Analysis

Excluding special items, Aker Solutions’ performance by segment reveals consistent profitability across its business units:

The company’s order backlog is heavily concentrated in the Norwegian market, which accounts for 69% of the total, followed by Europe at 25%. This geographic concentration reflects Aker Solutions’ strong competitive position in the Norwegian Continental Shelf, while also highlighting potential opportunities for further international diversification.

Working capital is expected to normalize over time to a level between negative NOK 4 and 6 billion, while capital expenditures are projected to remain between 1.0% and 1.5% of revenues going forward, supporting the company’s asset-light business model and strong cash generation capabilities.

Aker Solutions continues to make progress on its Aker BP portfolio, with the alliance model providing balanced risk-reward and aligned incentives. The portfolio includes four topsides and jacket substructures with a combined dry weight of about 90,000 tons, with all key milestones met in the quarter.

The company’s focus on technology innovation was highlighted by its autonomous drone inspection capabilities, which have reduced inspection costs by more than 70% compared to traditional methods, demonstrating Aker Solutions’ commitment to leveraging new technologies to improve operational efficiency.

Full presentation:

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