Aker Solutions — Interim / Quarterly Report 2021

May 5, 2021

1Q 2021

Fornebu, May 5, 2021 Kjetel Digre and Idar Eikrem

2021 © Aker Solutions

1Q 2021 | Transition Journey On Track

Excluding special items

Revenue Excluding special items EBITDA

Order Intake Order Backlog

Developments

• Revenue and EBITDA on track versus plans
• Successfully meeting key milestones
• COVID-19 restrictions continued to affect operations

Transformation

• MoU with Doosan Babcock for renewables projects
• Preferred bidder for Norfolk offshore wind
• FEED contract for Empire Wind project in New York
• Contracts and prospects for electrification of oil and gas production

Financials and Outlook

• Improved earnings and NOK 9.4 billion orders won
• Nordsee Ost final arbitration ruling (EUR 67 million received)
• Positive outlook for project sanctioning
• NOK 78 billon of ongoing tenders, about 30% related to energy transition

1Q 2021 | New Awards – 1.5x Book-to-Bill

• FEED for concrete foundations to Empire Wind 1 in the U.S.
• Topside engineering for Mero 3 FPSO in Brazil
• Decommissioning of three installations from Heimdal and Veslefrikk fields1
• Additional scope in existing contracts

Electrification, Maintenance and Modifications NOK 2.6 billion NOK 4.1 billion NOK 2.8 billion Photo: Equinor

• Topside modifications work for electrification of Equinor's Troll B and Troll C platforms
• Engineering, procurement, construction and installation of new equipment on the Åsgard B platform to enable increased production

• Subsea production system for Eldfisk North offshore Norway
• 21 kilometers of umbilicals for ConocoPhillips' Barossa project, offshore Australia
• 18 kilometers of umbilicals for ENI's Agogo field, offshore Angola

¹ Not included in 1Q 2021 order intake. The award will be booked as order intake when final contract is signed, near to medium term.

Financial Performance

Idar Eikrem, CFO

2021 © Aker Solutions

1Q 2021 | Transition Journey On Track

NOK million	1Q 2021	1Q 2020	2020
Revenue		6,470 8,601 29,396
Revenue ex. special items		6,469 8,592 28,548
EBITDA	429		(3) 1,539
EBITDA margin	6.6%	(0.0%)	5.2%
EBITDA ex. special items1	427		163 1,236
EBITDA margin ex. special items1	6.6%	1.9%	4.3%
Depreciation, amortization and impairment	(261)		(896) (2,314)
EBIT	169	(899)	(776)
EBIT margin	2.6%	(10.4%)	(2.6%)
EBIT ex. special items1	168	(185)	(51)
EBIT margin ex. special items1	2.6%	(2.2%)	(0.2%)
Net financial items	47	(102)	(531)
FX on disqualified hedging instruments	(10)	12	(7)
Income (loss) before tax	206		(988) (1,314)
Income tax	(180)	132	(206)
Net income (loss)	27		(857) (1,520)
Net income (loss) ex. special items1	34	(308)	(648)
Earnings per share (NOK)	0.05	(1.77)	(3.13)
Earnings per share (NOK) ex. special items1	0.07	(0.65)	(1.36)

¹ Special items mainly include gain/loss on sale of assets, restructuring costs, impairments and costs linked to the impact of currency derivatives not qualifying for hedge accounting. See the appendix for details on special items

Earnings improved, cash flow increased, and order intake increased in the first quarter 2021

■ Revenue¹ of NOK 6.5 billion

• Mainly driven by lower activity levels in EMM and Subsea, where several large projects were finalized during 2020
• Recently awarded projects currently in early phases of execution

■ EBITDA¹ of NOK 427 million (6.6% margin)

• Margins improved from same period last year and sequentially
• COVID-19 continued to negatively impact EBITDA in the quarter
• Nordsee Ost arbitration ruling, NOK 698 million cash received
  • Positive EBITDA effect of NOK 125 million
  • Positive Net financial items effect of NOK 147 million of interest income
• Income tax expense resulted in a high effective tax rate due to withholding taxes in Angola and other non-deductible items
• EPS¹ of NOK 0.07 vs. minus NOK 0.65 a year ago

■ Positive outlook for project sanctioning

■ NOK 78 billion of ongoing tenders, about 30% related to energy transition

Solid Financial Position

• Working capital¹ at minus NOK 118 million
• Cashflow from operations at NOK 482 million
• Cash inflow from investing activities at NOK 168 million
• Net cash position² of NOK 794 million
• Available liquidity of NOK 8.5 billion
  • Cash NOK 3.5 billion and RCF NOK 5.0 billion

Working Capital1 NOK billion

Debt Maturity Profile2 NOK billion

Net Interest-Bearing Debt and Leverage1,2 (covenants at 3.5x)

2 Excluding the effects of IFRS 16 as covenants are based on frozen GAAP 1 See definition under Alternative Performance Measures in the appendix

Renewables and Field Development

Revenue EBITDA and Margin¹

1 Excluding special items

■ Revenue of NOK 2.8 billion

■ Recently awarded projects in early phases of execution, incl. Hywind Tampen, Norcem CCUS and Northern Lights

■ EBITDA¹ of NOK 248 million (9.0% margin)

• Positive effect of NOK 125 million from Nordsee Ost arbitration ruling
• Comparable quarter last year was negatively impacted by about NOK 192 million of COVID-19 costs and provisions

■ Order intake of NOK 2.6 billion (1.0x book-to-bill)

• Experienced growth in existing contracts in the period
• Healthy order backlog of NOK 10.1 billion
• Activity expected to be somewhat lower in second half versus first half of 2021
  • Due to phasing of the project portfolio, with some projects finalizing and early phases of execution on recent awards
  • Experiencing high Front End and tendering activity
  • Margins in this segment can vary from quarter-to-quarter due to the nature of the EPC work, and with a broad portfolio of ongoing projects in different phases of progress

Electrification, Maintenance and Modifications

Revenue EBITDA and Margin¹

1 Excluding special items

Order Intake Order Backlog

• Revenue of NOK 1.9 billion
  • Down year-on-year driven by finalization of large modification and hook-up projects during 2020
• EBITDA¹ of NOK 76 million (4.1% margin)
• Very strong order intake of NOK 4.1 billion (2.2x bookto-bill)
  • Driven by the Troll West Electrification award and the Aasgard topside EPCI modification award
• Strong order backlog of NOK 19.0 billion
  • Excluding potential growth on existing frame agreements, and value of extension options
• Activity expected to increase slightly in the second half of 2021
  • On the back of ongoing work and recent awards

Subsea

Revenue EBITDA and Margin¹

1 Excluding special items

Order Intake Order Backlog

■ Revenue of NOK 1.9 billion

• Currently in early phases of execution on recently awarded work
• EBITDA¹ of NOK 172 million (9.0% margin)
• Strong order intake of NOK 2.8 billion (1.5x book-tobill)
  • Driven by the ConocoPhillips Eldfisk North award, which includes 13 standardized subsea trees
• Healthy order backlog of NOK 11.7 billion
  • Backlog excludes short-cycled or book-and-turn service work
• Activity-level expected to increase somewhat in second half of 2021
  • With progress ramping up on recently awarded work, incl. Breidablikk, Kristin South, Tommeliten, Eldfisk North etc.
  • Experiencing high tendering activity, in particular on NCS and with some significant ongoing international FEEDs

Healthy Order Backlog and Visibility

Order Backlog – by Execution Year NOK billion

Order Intake – from Energy Transition NOK billion, %

¹ Electrification, Maintenance and Modifications

Order Backlog and Intake – Development NOK billion

Order Backlog – by Market NOK billion, %

Summary and Outlook

Summary

• Covid-19 restrictions continued through 1Q 2021, mainly impacting mobilization of personnel in Norway, however outlook moving forward has improved
• Healthy order backlog of NOK 40.5 billion
• NOK 78 billion of ongoing tenders, of which about 30 percent relates to Energy Transition (renewables and low-carbon solutions)
• Positive outlook for project sanctioning, both in traditional oil & gas and related to Energy Transition
• The high front end and tendering activity, combined with leading capabilities, should turn into a number of interesting opportunities where Aker Solutions is well positioned
• On-track with merger ambitions

Outlook

• 2021 overall revenue continues to be seen at somewhat below the 2020 level
• 2021 overall underlying EBITDA continues to be seen up from 2020 to around the 5.5% to 6.0% level
• Working Capital fluctuates with large project work but is expected to continue to trend around the NOK -500 to +500 million range through 2021
• Capex and R&D was reduced about 50% in 2020, and is expected to be further reduced by about 30% in 2021

(Forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections)

Market and Strategic Development

Kjetel Digre, CEO

2021 © Aker Solutions

Increased Sanctioning on NCS Driven by Tax Incentives

Transition Journey On Track

1Q 2021 – Order Intake NOK billion 1Q 2021 – Tendering NOK billion

• About 35 percent of the first quarter order intake was related to Energy Transition and renewable business
  • Troll West electrification
  • Empire Wind FEED
  • Unannounced orders including additional scope in existing contracts
• About 30 percent of ongoing tenders related to Energy Transition
• Large opportunities within renewables and decarbonization
  • Incl. offshore wind, CCUS, electrification, subsea gas compression
• Increasing opportunities in new areas
  • Incl. hydrogen, and other areas

Ongoing Work Within Energy Transition

Photo: Aker Carbon Capture

Photo: Equinor

Photo: Equinor

Photo: Equinor

Ongoing Projects Within Energy Transition

Complete Offshore Wind Solutions

Converter Platforms

2021 © Aker Solutions

Gravity-Based Structures

Cables and Accessories Steel Jacket Substructures

Marine Operations and Maintenance Services

Floating Foundations

2021 © Aker Solutions

On Track – Positive Outlook

Building a Stronger Foundation

• Health, safety and quality
• Business continuity through the pandemic
• Maintain strong position in global O&G market
• High front end and tendering activity
• Improved margins, cost position and cash generation

Repositioning and Transforming

• Leverage NCS tax relief projects
• Growth in renewables and low-carbon oil and gas projects
• New alliances and partnerships
• Further improve margins and cash generation

Q&A Kjetel Digre and Idar Eikrem

2021 © Aker Solutions

High Demand for Early-Phase Capabilities

• 32 front-end contracts awarded in 1Q
• 34% related to Energy Transition
• 3 FEEDs converted to projects
• 5 studies converted to FEEDs

Typical Ongoing Studies

• Oil and gas
• Electrification
• Offshore wind
• HVDC platforms
• Carbon capture, utilization and storage (CCUS) applications

FEED: Front-end engineering and design

	1Q 2021	1Q 2020
Total front-end studies	32	42
Energy Transition share of total studies	34%	19%
FEEDs converted to projects	3	1

Nordsee Ost Arbitration Ruling

Background

• During the first quarter 2021, Aker Solutions received the final ruling from an arbitration tribunal in Germany in a proceeding between Aker Solutions and a German multinational energy company
• The arbitration was filed by Kvaerner in 2012 and concerned the legacy project Nordsee Ost, which was delivered by Kvaerner in 2013. The proceedings were initiated regarding compensation for various changes to the work scope
• The ruling entitled Aker Solutions to receive a recoverable cash amount of NOK 698 million (EUR 67.2 million). The recoverable cash amount was received at the end of the quarter and covered the receivable on the balance sheet as well as about NOK 273 million of positive P&L effect in the period

1Q 2021 financial effects

• Cash flow effect: NOK 698 million
• P&L effect, EBITDA: NOK 125 million
• P&L effect, Interest income: NOK 147 million
• The remaining NOK 426 million has been recognized as settlement of Aker Solutions' receivable

Guidance 2021 – Additional Items

Guidance

- Net financial items¹ about minus NOK 80 million, per quarter

-

• D&A² about NOK 1.1 to 1.2 billion, per year ■ 'Other' EBITDA³ about minus NOK 50 to 100 million, per quarter
• Capex and R&D about 30% reduction in 2021 vs. 2020
• Working capital about NOK -500 to +500 million range, through 2021

¹ Excluding the effects of currency and non-qualifying hedges ² Depreciation and Amortization (includes the effects of IFRS 16) ³ Unallocated costs and idle IT & office costs

(Forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections)

Tendering for NOK 78 Billion

Renewables and Field Development

• Renewables and decarbonization incl. solutions for offshore wind, hydrogen and carbon capture
• Offshore topsides and substructures, and onshore facilities
• Engineering management, front-end engineering and system capability

NOK 39 billion NOK 10 billion NOK 29 billion

2021 © Aker Solutions

Electrification, Maintenance and Modifications

• Decarbonization solutions for electrification of offshore and onshore infrastructure
• Maintenance and modification of oil and gas infrastructure
• Hook-up and completion
• Decommissioning and recycling
• Europe, North America, Norway Asia Pacific, Brazil, Norway, United Kingdom, West Africa

about 30% related to Energy Transition

Subsea

• Complete subsea production systems and life cycle services
• Subsea gas compression
• Subsea boosting and processing
• Subsea umbilicals and power distribution
• Intervention and workover solutions

Asia Pacific, Norway, South- and Latin America, West Africa

Transition Journey Underway

• Ambition to grow revenue base by about 10% annually towards 2025
• NOK 41 billion backlog, and NOK 78 billion ongoing tenders per 1Q 2021
• Strong position within Energy Transition (incl. renewables and decarbonization)

(Forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections)

Transition Journey Underway

Cost Reduction and Synergies

NOK billion

100% of NOK 1.5 billion pre-tax overhead cost savings implemented

• Reducing overlapping functions, optimizing footprint
• Simplified and leaner organization
• Rightsizing of capacity to expected activity
• Improving efficiency through digital tools
• Collaboration with sub-suppliers & partners

Capex NOK billion

Capex expected to decline by >60% from 2019 to 2023

• Leverage on historical capital investments for future growth
• Partnerships for technology development
• Spun-off capital-intensive business units
• Strong capex discipline

NOK 1 billion+ annual free cash flow ambition (on average per year, next 5yrs)

• Significant deleveraging of balance sheet
• Net cash position of NOK 0.8 billion at 1Q-21
• Liquidity buffer of NOK 8.5 billion at 1Q-21
• Positive credit profile impact
• Capital-light and strong cash conversion

(Forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections)

Basis for Preparation

This presentation provides financial highlights for the quarter for Aker Solutions, a Norwegian limited company listed on the Oslo Stock Exchange.

Aker Solutions ASA merged with Kvaerner ASA in November 2020. The consolidated financial statements in this report include financial performance and position of both companies and its subsidiaries from the earliest period presented (January 1, 2019) based on the predecessor approach (continuation of book values).

The same measurement principles as presented in the Annual Report 2019 have been used when preparing this report. The report does not meet all disclosure requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited.

Alternative Performance Measures

Aker Solutions discloses alternative performance measures in addition to those normally required by IFRS as such performance measures are frequently used by securities analysts, investors and other interested parties.

Alternative performance measures are meant to provide an enhanced insight into the operations, financing and future prospects of the company.

Profit Measures

EBITDA and EBIT terms are presented as they are used by financial analysts and investors. Special items are excluded from EBITDA and EBIT as alternative measures to provide enhanced insight into the financial development of the business operations and to improve comparability between different periods.

EBITDA is short for earnings before interest, taxes, depreciation and amortization. EBITDA corresponds to the "operating income before depreciation, amortization and impairment" in the consolidated income statement in the annual report.

EBIT is short for earnings before interest and taxes. EBIT corresponds to "operating income" in the consolidated income statement in the annual report.

Margins such as EBITDA margin and EBIT margin are used to compare relative profit between periods. EBITDA margin and EBIT margin are calculated as EBITDA or EBIT divided by revenue.

Special items may not be indicative of the ongoing operating result of cash flows of the company. Profit measures excluding special items are presented as alternative measures to improve comparability of the underlying business performance between the periods.

1) Earnings per share is calculated using Net income, adjusted for non-controlling interests, divided by average number of shares

2) Earnings per share ex. special items is calculated using Net income ex. Special items, adjusted for non-controlling interests, divided by average number of shares

NOK million	Renewables & Field Development		Electrification, Maintenance & Modifications		Subsea		Other/eliminations		Aker Solutions
	1Q 2021	1Q 2020	1Q 2021	1Q 2020	1Q 2021	1Q 2020	1Q 2021	1Q 2020	1Q 2021	1Q 2020
Revenue	2,750	3,110	1,863	2,693	1,907	2,943	(50)	(145)	6,470	8,601
Non-qualifying hedges	-	-	-	-	-	-	(2)	(9)	(2)	(9)
Sum of special items excluded from revenue	-	-	-	-	-	-	(2)	(9)	(2)	(9)
Revenue ex. special items	2,750	3,110	1,863	2,693	1,907	2,943	(52)	(154)	6,469	8,592
EBITDA	248	(111)	74	123	172	119	- (64)	- (134)	429	(3)
Restructuring cost	-	4	2	13	0	85	0	53	2	155
Non-qualifying hedges	-	-	-	-	-	-	(7)	10	(7)	10
Other special items	-	-	-	-	-	-	2	(0)	2	(0)
Sum of special items excluded from EBITDA	-	4	2	13	0	85	(5)	63	(2)	165
EBITDA ex. special items	248	(107)	76	136	172	204	(69)	(71)	427	163
EBITDA margin	9.0 %	-3.6 %	4.0 %	4.6 %	9.0 %	4.0 %			6.6 %	0.0 %
EBITDA margin ex. special items	9.0 %	-3.4 %	4.1 %	5.1 %	9.0 %	6.9 %			6.6 %	1.9 %
EBIT	193	(180)	44	(139)	27	(362)	(96)	(218)	169	(899)
Sum of special items excluded from EBITDA	-	4	2	13	0	85	(5)	63	(2)	165
Impairments	-	1	-	212	(5)	283	7	52	2	548
Sum of special items excluded from EBIT	-	5	2	225	(5)	369	2	115	(1)	713
EBIT ex. special items	193	(175)	46	86	22	7	(93)	(103)	168	(185)
EBIT margin	7.0 %	-5.8 %	2.4 %	-5.2 %	1.4 %	-12.3 %			2.6 %	-10.4 %
EBIT margin ex. special items	7.0 %	-5.6 %	2.5 %	3.2 %	1.2 %	0.2 %			2.6 %	-2.2 %
Net income									27	(857)
Sum of special items excluded from EBIT									(1)	713
Other financial items (special items)									-	(27)
Non-qualifying hedges									10	(12)
Tax effects on special items									(2)	(126)
Net income ex. special items									34	(308)
Net income to non-controlling interests									0	(12)
Net income ex. non-controlling interests									34	(321)
Average number of shares (in '000)									492,065 492,065
Earnings per share1)									0.05	(1.77)
Earnings per share ex. special items2)									0.07	(0.65)

Financing Measures

Alternative financing and equity measures are presented as they are indicators of the company's ability to obtain financing and service its debts.

Liquidity buffer (available liquidity) is a measure of available cash and is calculated by adding together the cash and cash equivalents and the unused credit facility.

NOK million	1Q 2021	1Q 2020
Cash and cash equivalents	3,457	4,996
Credit facility (unused)	5,000	3,000
Liquidity buffer	8,457	7,996

Net Current Operating Assets (NCOA) or Working Capital is a measure of the current capital necessary to maintain operations. Working capital includes trade receivables, trade payables, accruals, provisions and current tax assets and liabilities.

NOK million	1Q 2021	1Q 2020
Current tax assets	81	117
Inventory	285	338
Customer contract assets and other receivables	3,686	6,967
Trade receivables	3,816	3,605
Prepayments	1,359	1,796
Current tax liabilities	(61)	(174)
Provisions	(627)	(733)
Trade payables	(2,137)	(3,127)
Other payables	(5,320)	(7,317)
Customer contract liabilities	(1,201)	(812)
Net current operating assets (NCOA)	(118)	660

Net interest-bearing debt to EBITDA (leverage ratio) is a key financial measure that is used by management to assess the borrowing capacity of a company. The ratio shows how many years it would take for a company to pay back its debt if net debt and EBITDA are held constant. The ratio is one of the debt covenants of the company.

The ratio is calculated as net interest-bearing debt (total principal debt outstanding less unrestricted cash) divided by EBITDA. If a company has more cash than debt, the ratio can be negative. The leverage ratio for Aker Solutions does not include the effects of IFRS 16 Leasing, as the debt covenants are based on frozen GAAP.

Further, the EBITDA is calculated based on the last four quarter period and it excludes certain special items as defined in the loan agreements, such as restructuring of offices (onerous leases) and other restructuring costs.

NOK million	1Q 2021	1Q 2020
Non-current borrowings	2,503	4,643
Current borrowings	160	230
Cash and cash equivalents	(3,457)	(4,996)
Net interest-bearing debt	(794)	(123)
Trailing four quarters:
EBITDA	1,971	1,950
IFRS 16 effects excl. onerous lease cost	547	598
EBITDA excl. IFRS 16 effects and onerous lease cost	1,424	1,351
Onerous lease cost (IAS 17)	(0)	(0)
Restructuring cost	363	223
Non-qualifying hedges	(21)	12
Gain on non-cash dividend distribution and sale of PPE	(853)	-
Net operating cost, divested businesses	42	-
Adjusted EBITDA	955	1,586
Net interest-bearing debt to EBITDA (leverage ratio)	-0.8x	-0.1x

Order Intake Measures

Order intake, order backlog and book-to-bill ratios are presented as alternative performance measures, as they are indicators of the company's revenues and operations in the future.

Order intake includes new agreed customer contracts in the period in addition to expansion of existing contracts. For construction contracts, the order intake includes the value of agreed contracts and options, and value of agreed change orders and options. It does not include potential options and change orders. For service contracts, the order intake is based on estimated customer revenue in periods that are firm in the contracts.

Order backlog represents the estimated value of remaining work on agreed customer contracts. The order backlog does not include parts of the Services segment, which is short-cycled or book-and-turn in nature. The order backlog does also not include potential growth or value of options in existing contracts.

Book-to-bill ratio is calculated as order intake divided by revenue in the period. A book-to-bill ratio higher than 1 means that the company has secured more contracts in the period than what has been executed in the same period.

NOK million, x times		1Q 2021		1Q 2020
	Order intake	Revenue ex. special items	Book-to-bill	Order intake	Revenue ex. special items	Book-to-bill
Renewables & Field Development	2,630	2,750	1.0x	1,896	3,110	0.6x
Electrification, Maintenance & Modifications	4,068	1,863	2.2x	4,298	2,693	1.6x
Subsea	2,788	1,907	1.5x	1,651	2,943	0.6x
Other/eliminations	(43)	(52)		120	(154)
Aker Solutions	9,444	6,469	1.5x	7,965	8,592	0.9x

Special Items

NOK million, (Gain) / Loss

Special items (EBITDA)	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Restructuring	3	10	12	46	70	155	117	183	61	516	2
Non-qualifying hedges	(2)	(4)	5	1	0	10	(8)	(1)	(5)	(4)	(7)
Gain on dividend distribution of CCUS and AOW shares	-	-	-	-	-	-	-	(804)	(3)	(808)	-
(Gain) loss on sale of subsidiaries	-	-	-	-	-	-	-	-	(42)	(42)	-
(Gain) loss on sale of PPE	-	-	-	-	-	-	-	(3)	0	(3)	-
Other special items	2	(0)	(1)	(0)	1	(0)	13	(1)	27	39	2
Total special items EBITDA	3	6	16	46	72	165	121	(626)	38	(302)	(2)
Special items (EBIT)
Impairments	2	221	22	82	327	548	3	19	457	1,027	2
Total special items EBIT	5	228	38	128	399	713	124	(607)	495	725	(1)

The table shows the Special items to be added to reported figures to get underlying figures

Income Statement

NOK million
Income statement consolidated	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Revenue	9,226	9,251		9,636 10,049 38,163		8,601	6,721	7,198		6,875 29,396	6,470
Operating expenses									(8,467) (8,510) (8,933) (9,542) (35,452) (8,604) (6,340) (6,122) (6,792) (27,857) (6,041)
EBITDA	759	742	703	508	2,711	(3)	382	1,077	83	1,539	429
Of which related to hedging	2	4	(5)	(1)	(0)	(10)	8	1	5	4	7
Depreciation and amortization	(347)	(345)	(349)		(355) (1,396)	(348)	(334)	(302)		(303) (1,287)	(259)
Impairment	(2)	(221)	(22)	(82)	(327)	(548)	(3)	(19)		(457) (1,027)	(2)
EBIT	410	176	331	71	988	(899)	45	755	(677)	(776)	169
Net interest cost	(140)	(109)	(94)	(122)	(466)	(87)	(105)	(96)	(112)	(401)	47
Foreign exchange on disqualified hedging instruments	(3)	(6)	6	2	(0)	12	(10)	(1)	(8)	(7)	(10)
Other financial items	9	(1)	5	(94)	(81)	(14)	(53)	(18)	(45)	(130)	1
Net financial items incl. disqualified hedging instruments	(134)	(115)	(83)	(214)	(547)	(90)	(169)	(115)	(165)	(538)	38
Net income (loss) before tax	276	61	248	(143)	441	(988)	(124)	641		(842) (1,314)	206
Income tax	(89)	(12)	(72)	14	(159)	132	14	(350)	(2)	(206)	(180)
Net income (loss) for the period	187	49	176	(129)	282	(857)	(110)	291		(844) (1,520)	27
Net income attributable to:
Equity holders of the parent company	186	31	164	(140)	241	(869)	(116)	296		(852) (1,540)	27
Non-controlling interests	1	18	12	10	41	12	6	(6)	8	20	(0)
EBITDA margin	8.2 %	8.0 %	7.3 %	5.1 %	7.1 %	0.0 %	5.7 %	15.0 %	1.2 %	5.2 %	6.6 %
Basic earnings per share (NOK)	0.38	0.06	0.33	(0.28)	0.49	(1.77)	(0.24)	0.60	(1.73)	(3.13)	0.05

Balance Sheet – Assets

NOK million
Assets	1Q 2019	2Q 2019	3Q 2019	4Q 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	1Q 2021
Property, plant and equipment	3,934	3,947	4,160	4,229	4,394	4,051	3,912	3,567	3,400
Intangible assets	6,419	6,317	6,397	6,450	6,325	6,155	6,002	5,825	5,806
Right-of-use assets	4,422	4,077	3,868	3,702	3,779	3,558	3,451	2,938	2,926
Deferred tax assets	782	751	858	871	1,093	1,121	837	464	527
Lease receivables	715	665	652	663	829	755	720	668	582
Other investments	273	220	245	269	269	265	159	318	313
Other non-current assets	83	184	143	142	190	261	251	205	209
Total non-current assets				16,627 16,160 16,324 16,326 16,878 16,167 15,332 13,984 13,764
Current tax assets	101	92	106	121	117	100	98	83	81
Inventories	327	359	404	378	338	278	237	255	285
Trade receivables	4,610	4,459	4,480	3,380	3,605	3,846	3,120	2,945	3,816
Customer contract assets and other receivables	4,973	5,177	5,649	6,295	6,967	6,062	5,965	4,655	3,686
Prepayments	1,566	2,014	1,782	1,698	1,796	1,697	1,656	1,312	1,359
Derivative financial instruments	126	102	154	187	559	244	186	223	162
Interest-bearing receivables	144	122	126	130	143	140	211	200	174
Cash and cash equivalents	4,924	5,073	4,342	4,483	4,996	4,389	5,037	3,171	3,457
Total current assets				16,773 17,399 17,043 16,672 18,521 16,757 16,510 12,843 13,021
Total assets				33,400 33,559 33,367 32,998 35,400 32,924 31,842 26,827 26,785

Balance Sheet – Liabilities and Equity

NOK million
Liabilities and equity	1Q 2019	2Q 2019	3Q 2019	4Q 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	1Q 2021
Total equity attributable to the parent		10,724 10,325 10,729 10,526 10,675				9,879	9,141	7,870	7,784
Non-controlling interests	107	123	110	97	78	78	58	38	38
Total equity		10,831 10,448 10,839 10,622 10,753				9,957	9,199	7,908	7,822
Non-current borrowings	1,764	2,714	2,720	3,280	4,643	4,580	4,535	2,513	2,503
Non-current lease liabilities	5,435	5,251	5,043	4,946	5,160	4,846	4,757	4,468	4,339
Pension obligations	776	779	778	898	894	887	974	1,082	1,049
Deferred tax liabilities	528	512	650	594	518	548	553	223	405
Other non-current liabilities	12	22	27	29	9	3	3	5	6
Total non-current liabilities	8,515	9,277	9,218			9,747 11,223 10,864 10,822		8,291	8,304
Current tax liabilities	122	80	51	81	174	222	223	108	61
Current borrowings	1,125	866	907	217	230	242	250	202	160
Current lease liabilities	605	598	584	590	647	628	627	643	617
Provisions	874	723	560	691	733	678	632	590	627
Trade payables	2,438	2,573	2,382	2,525	3,127	3,315	2,725	2,125	2,137
Other payables	7,646	7,741	8,206	7,660	7,317	6,016	6,359	5,696	5,320
Customer contract liabilities	1,115	1,111	480	737	812	824	824	1,010	1,201
Derivative financial instruments	129	142	141	126	382	177	180	254	535
Total current liabilities		14,054 13,833 13,310 12,629 13,423 12,102 11,821 10,628 10,658
Total liabilities and equity		33,400 33,559 33,367 32,998 35,400 32,924 31,842 26,827 26,785

Cashflow

NOK million
Cashflow	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
EBITDA	759	742	703	508	2,711	(3)	382	1,077	83	1,539	429
Change in cashflow from operating activities	(1,101)	(488)	(951)	474	(2,066)	(522)	(487)	(194)	517	(686)	53
Net cashflow from operating activities	(343)	254	(249)	982	645	(525)	(105)	882	600	852	482
Acquisition of property, plant and equipment	(125)	(173)	(302)	(301)	(901)	(220)	(90)	(47)	(74)	(431)	(25)
Payments for capitalized development	(58)	(59)	(99)	(85)	(301)	(86)	(44)	(59)	(9)	(197)	(29)
Acquisition of subsidiaries, net of cash acquired	(14)	(21)	0	(0)	(35)	-	-	-	-	-	-
Change in current interest-bearing receivables	-	22	-	-	22	-	-	-	(0)	(0)	20
Sub-lease income received	28	34	22	29	113	31	32	(1)	45	107	32
Interest received	22	19	34	25	99	19	38	20	17	95	161
Cashflow from other investing activities	(56)	4	74	(73)	(52)	(37)	(75)	193	74	155	9
Net cashflow from investing activities	(203)	(175)	(271)		(405) (1,055)	(293)	(139)	107	53	(271)	168
Change in external borrowings	(22)	697	43	(124)	594	1,362	(13)		(29) (2,053)	(733)	(41)
Lease installments paid	(145)	(148)	(146)	(153)	(592)	(166)	(150)	(148)	(204)	(669)	(194)
Paid dividends	-	(268)	-	-	(268)	0	-	(19)	-	(19)	-
Interest paid	(119)	(137)	(147)	(135)	(537)	(137)	(105)	(115)	(94)	(451)	(97)
Other financing activities	(2)	(9)	(62)	(15)	(88)	(53)	14	7	(5)	(37)	(22)
Net cashflow from financing activities	(288)	136	(312)	(427)	(892)	1,006	(255)		(304) (2,356) (1,909)		(354)
Effect of exchange rate changes on cash and cash equivalents	24	(66)	100	(8)	51	325	(106)	(41)	(163)	16	(10)
Net increase (decrease) in cash and cash equivalents	(810)	149	(732)	142	(1,251)	513	(604)	645	(1,865) (1,312)		286
Cash and cash equivalents as at the beginning of the period	5,734	4,924	5,073	4,341	5,734	4,483	4,996	4,392	5,037	4,483	3,171
Cash and cash equivalents as at the end of the period	4,924	5,073	4,341	4,483	4,483	4,996	4,392	5,037	3,171	3,171	3,457

Note: in 1Q 2021 a reclassification has been made reg. interest received and interest paid, both for historical figures and moving forward. Interest received is reported as part of net cashflow from investing activities, and interest paid is reported as part of net cashflow from financing activities. This is according to IFRS 7. Previously, Aker Solutions reported interest received and interest paid as part of net cashflow from operating activities, and Kvaerner reported interest received as part of cashflow from operating activities and interest paid as part of cashflow from financing activities.

Split Per Segment

NOK million
Revenue	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	3,370	2,972	3,552		3,872 13,765	3,110	2,303	2,538		2,879 10,829	2,750
Electrification, Maintenance & Modifications	3,094	3,502	3,528		3,354 13,477	2,693	2,111	1,877	2,052	8,733	1,863
Subsea	2,962	2,971	2,797		3,024 11,754	2,943	2,484	2,091	1,939	9,457	1,907
Other	38	28	(19)	39	87	44	25	861	52	982	31
Eliminations	(238)	(221)	(221)	(239)	(920)	(189)	(202)	(168)	(48)	(606)	(81)
Revenue	9,226	9,251		9,636 10,049 38,163		8,601	6,721	7,198		6,875 29,396	6,470
EBITDA	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	243	311	165	27	746	(111)	177	123	245	434	248
Electrification, Maintenance & Modifications	258	193	185	404	1,041	123	28	64	(188)	27	74
Subsea	303	269	411	116	1,098	119	223	238	(11)	569	172
Other	(45)	(30)	(58)	(40)	(173)	(134)	(47)	652	37	509	(64)
EBITDA	759	742	703	508	2,711	(3)	382	1,077	83	1,539	429
EBITDA margin	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	7.2 %	10.5 %	4.6 %	0.7 %	5.4 %	-3.6 %	7.7 %	4.9 %	8.5 %	4.0 %	9.0 %
Electrification, Maintenance & Modifications	8.3 %	5.5 %	5.3 %	12.1 %	7.7 %	4.6 %	1.3 %	3.4 %	-9.2 %	0.3 %	4.0 %
Subsea	10.2 %	9.0 %	14.7 %	3.8 %	9.3 %	4.0 %	9.0 %	11.4 %	-0.6 %	6.0 %	9.0 %
EBITDA margin	8.2 %	8.0 %	7.3 %	5.1 %	7.1 %	0.0 %	5.7 %	15.0 %	1.2 %	5.2 %	6.6 %
EBIT	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	178	246	77	(39)	462	(180)	55	88	189	153	193
Electrification, Maintenance & Modifications	210	143	135	355	844	(139)	67	23	(185)	(234)	44
Subsea	110	(24)	215	(140)	161	(362)	9	34	(304)	(623)	27
Other	(89)	(189)	(96)	(105)	(479)	(218)	(87)	610	(377)	(72)	(96)
EBIT	410	176	331	71	988	(899)	45	755	(677)	(776)	169
EBIT margin	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	5.3 %	8.3 %	2.2 %	-1.0 %	3.4 %	-5.8 %	2.4 %	3.5 %	6.6 %	1.4 %	7.0 %
Electrification, Maintenance & Modifications	6.8 %	4.1 %	3.8 %	10.6 %	6.3 %	-5.2 %	3.2 %	1.2 %	-9.0 %	-2.7 %	2.4 %
Subsea	3.7 %	-0.8 %	7.7 %	-4.6 %	1.4 %	-12.3 %	0.4 %	1.6 %	-15.7 %	-6.6 %	1.4 %

EBIT margin 4.4 % 1.9 % 3.4 % 0.7 % 2.6 % -10.4 % 0.7 % 10.5 % -9.8 % -2.6 % 2.6 %

Split Per Segment

NOK million
NCOA	1Q 2019	2Q 2019	3Q 2019	4Q 2019		1Q 2020	2Q 2020	3Q 2020	4Q 2020		1Q 2021
Renewables & Field Development	(759)	(655)	(295)	(347)		(151)	128	23	(945)		(431)
Electrification, Maintenance & Modifications	(153)	2	244	(215)		119	75	(278)	(235)		111
Subsea	416	305	735	616		1,236	794	641	676		1,184
Other	(122)	222	59	123		(544)	(67)	(74)	223		(982)
NCOA	(618)	(126)	743	177		660	929	312	(280)		(118) *
Order intake	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	2,108	1,203	2,413	3,147	8,870	1,896	3,834	2,304		3,368 11,402	2,630
Electrification, Maintenance & Modifications	2,678	1,015	2,533	3,108	9,334	4,298	3,231	4,353		1,910 13,792	4,068
Subsea	2,400	2,300	1,615	1,889	8,205	1,651	3,145	2,331	1,948	9,076	2,788
Other and eliminations	84	8	58	(404)	(254)	120	79	147	(453)	(107)	(43)
Order intake	7,271	4,527	6,618		7,740 26,155		7,965 10,289	9,135		6,774 34,163	9,444
Order backlog	1Q 2019	2Q 2019	3Q 2019	4Q 2019		1Q 2020	2Q 2020	3Q 2020	4Q 2020		1Q 2021
Renewables & Field Development	11,210	9,370	8,383	7,843		6,768	8,129		8,001 10,632		10,063
Electrification, Maintenance & Modifications		17,621 15,106 14,252 13,992						15,651 16,228 18,760 16,527			18,954
Subsea		14,265 13,534 12,629 11,376						10,839 11,037 11,198 10,912			11,675
Other and eliminations	(68)	101	143	(128)		77	197	182	(91)		(185)
Order backlog		43,027 38,110 35,407 33,083						33,334 35,591 38,142 37,979			40,507
Own employees	1Q 2019	2Q 2019	3Q 2019	4Q 2019		1Q 2020	2Q 2020	3Q 2020	4Q 2020		1Q 2021
Renewables & Field Development	4,017	4,141	4,196	4,225		4,194	4,131	4,002	4,675		4,535
Electrification, Maintenance & Modifications	6,407	7,757	8,225	8,036		7,748	6,033	5,624	5,694		5,925
Subsea	5,376	3,962	3,988	3,874		3,827	3,461	3,169	3,500		3,431
Other	2,202	3,009	2,849	2,654		2,647	2,285	2,024	625		600
Own employees		18,002 18,869 19,258 18,789						18,416 15,910 14,819 14,494			14,491

(*Allocation of NCOA between segments will be provided at a later stage, allocation principles are to be confirmed)

Split Per Segment – Excluding Special Items

NOK million
EBITDA (excl. special items)	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	243	311	165	34	753	(107)	204	193	259	549	248
Electrification, Maintenance & Modifications	258	193	186	414	1,051	136	84	66	(124)	161	76
Subsea	305	278	422	139	1,145	204	286	242	16	748	172
Other	(45)	(34)	(54)	(34)	(166)	(71)	(71)	(50)	(30)	(222)	(69)
EBITDA (excl. special items)	761	748	719	554	2,782	163	503	451	121	1,236	427
EBITDA margin (excl. special items)	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	7.2 %	10.5 %	4.6 %	0.9 %	5.5 %	-3.4 %	8.9 %	7.6 %	9.0 %	5.1 %	9.0 %
Electrification, Maintenance & Modifications	8.3 %	5.5 %	5.3 %	12.4 %	7.8 %	5.1 %	4.0 %	3.5 %	-6.1 %	1.8 %	4.1 %
Subsea	10.3 %	9.4 %	15.1 %	4.6 %	9.7 %	6.9 %	11.5 %	11.6 %	0.8 %	7.9 %	9.0 %
EBITDA margin (excl. special items)	8.3 %	8.1 %	7.5 %	5.5 %	7.3 %	1.9 %	7.5 %	7.0 %	1.8 %	4.3 %	6.6 %
EBIT (excl. special items)	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	178	246	99	(31)	493	(175)	140	153	206	324	193
Electrification, Maintenance & Modifications	210	143	136	365	854	86	38	20	(123)	22	46
Subsea	115	84	227	(63)	362	7	96	61	(208)	(45)	22
Other	(89)	(70)	(93)	(71)	(322)	(103)	(105)	(86)	(57)	(351)	(93)
EBIT (excl. special items)	414	404	369	199	1,387	(185)	169	148	(182)	(51)	168
EBIT margin (excl. special items)	1Q 2019	2Q 2019	3Q 2019	4Q 2019	FY 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020	FY 2020	1Q 2021
Renewables & Field Development	5.3 %	8.3 %	2.8 %	-0.8 %	3.6 %	-5.6 %	6.1 %	6.0 %	7.1 %	3.0 %	7.0 %
Electrification, Maintenance & Modifications	6.8 %	4.1 %	3.8 %	10.9 %	6.3 %	3.2 %	1.8 %	1.1 %	-6.0 %	0.3 %	2.5 %
Subsea	3.9 %	2.8 %	8.1 %	-2.1 %	3.1 %	0.2 %	3.8 %	2.9 %	-10.7 %	-0.5 %	1.2 %
EBIT margin (excl. special items)	4.5 %	4.4 %	3.8 %	2.0 %	3.6 %	-2.2 %	2.5 %	2.3 %	-2.7 %	-0.2 %	2.6 %

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Disclaimer

This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Solutions ASA and Aker Solutions ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Solutions' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Aker Solutions ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Aker Solutions ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Solutions ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

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