Aker Solutions Q2 2025 presentation: Revenue jumps 18% as order backlog hits 68 billion NOK

Introduction & Market Context

Aker Solutions (OL:AKSO) presented its second quarter 2025 financial results on July 11, showcasing strong performance across its business segments amid high activity levels in the energy sector. The Norwegian energy services company continues to balance its traditional oil and gas business with strategic investments in renewable energy and carbon capture technologies, positioning itself as a key player in the energy transition.

Quarterly Performance Highlights

Aker Solutions reported revenue of 15.2 billion NOK for Q2 2025, representing an 18% increase compared to the same period last year when revenue stood at 12.8 billion NOK. The company delivered an EBITDA of 1.3 billion NOK with a margin of 8.3%, slightly down from the 9.4% margin in Q2 2024, reflecting changes in project mix and ongoing commercial discussions on legacy lump sum projects.

As shown in the following comprehensive financial overview, the company maintained solid profitability metrics across the board:

Net income for the quarter reached 693 million NOK, translating to earnings per share of 1.46 NOK. The company’s cash position remains strong with 2.1 billion NOK in net cash, even after paying out dividends of 1.6 billion NOK (3.3 NOK per share) during the quarter.

Order intake for Q2 2025 was robust at 10.9 billion NOK, significantly higher than the 3.2 billion NOK recorded in Q2 2024. This contributed to a healthy order backlog of 68 billion NOK, providing substantial revenue visibility for the coming years.

The following chart illustrates the company’s cash flow dynamics during the quarter:

Segment Performance

Aker Solutions’ business is divided into two main segments: Renewables and Field Development, and Life Cycle. Both segments demonstrated strong year-over-year growth in the second quarter.

The Renewables and Field Development segment, which includes offshore wind, hydropower, and carbon capture projects, reported revenue of 10.8 billion NOK, up 14% from Q2 2024. EBITDA for this segment reached 829 million NOK with a 7.7% margin. The segment secured new orders worth 7.9 billion NOK during the quarter.

Meanwhile, the Life Cycle segment, which focuses on maintenance and modifications for existing energy infrastructure, delivered even stronger growth with revenue of 3.9 billion NOK, representing a 30% increase from the same period last year. This segment generated an EBITDA of 275 million NOK with a 7.0% margin and secured new orders worth 2.9 billion NOK.

Strategic Initiatives

Aker Solutions continues to strengthen its position in the carbon capture and storage (CCS) market, leveraging three decades of experience in this field. The company highlighted several milestone achievements in its CCS business, including the official opening of the world’s first CO2 capture facility at Brevik, Norway, which has already captured and shipped 15,000 tons of CO2 to Northern Lights, with an annual capacity of 400,000 tons.

The company has also begun work on Celsio’s carbon capture facilities in Oslo, which will enable the capture of 350,000 tons of CO2 annually. Additionally, Aker Solutions is involved in expanding the Northern Lights terminal to enable the injection and storage of 5 million tons of CO2.

The following map illustrates the company’s expanding CCS value chain in Norway:

Aker Solutions is also investing in innovative technologies to improve operational efficiency and reduce costs. One notable example is the deployment of autonomous drone inspection technology at offshore sites, which has reduced inspection costs by up to 70% compared to traditional methods.

The company’s tendering activity remains high, particularly in Europe where tenders valued at 74 billion NOK are currently in progress. This strong pipeline of potential projects supports the company’s growth outlook.

Forward-Looking Statements

Looking ahead, Aker Solutions expects revenues in 2025 to exceed 55 billion NOK with an EBITDA margin between 7.0% and 7.5%, excluding net income from OneSubsea. The company anticipates that OneSubsea will distribute dividends of more than USD 250 million in 2025.

Management emphasized the company’s solid backlog of 68 billion NOK, which provides visibility for future execution. The company maintains its focus on predictable project execution while continuing to pursue high tendering and early-phase study activity to position itself for future opportunities.

The company’s order backlog is well-distributed across the coming years, with 25.3 billion NOK expected to be executed in 2025, 27.1 billion NOK in 2026, and 15.6 billion NOK in 2027 and beyond. This provides Aker Solutions with a stable foundation for continued growth.

Aker Solutions’ strategic positioning in both traditional energy services and the growing renewable and transitional energy sectors, combined with its strong financial performance and healthy order backlog, suggests the company is well-positioned to navigate the evolving energy landscape while delivering value to shareholders.

Full presentation:

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