Aker Solutions — Investor Presentation 2024

Oct 31, 2024

3Q 2024

Kjetel Digre, CEO Idar Eikrem, CFO

3Q 2024 | Solid Performance Driving Enhanced Value Creation

Solid operational and financial performance

• Significant revenue growth and improved profitability
• High activity across locations with good progress on project portfolio

Positive market outlook

• Solid backlog of projects with balanced risk-reward profiles
• High activity in tendering, FEEDs and early phase studies positioning Aker Solutions for future opportunities

Attractive capital allocation strategy

• Proposed extraordinary dividend of NOK 21 per share for 4Q 2024
• Ordinary dividend policy with target to distribute 40-60% of net income

3Q 2024 | Operational Highlights

Aker BP Portfolio, Norway Ormen Lange Phase 3 Northern Lights Phase 1

3Q 2024 | Newly Opened Robotic Production Line at Verdal

7x Increased Welding Speed

13x Increased Surface Treatment Speed

3Q 2024 | Tender Value at about NOK 82 Billion

Majority related to opportunities in Norway and Europe

3Q 2024 | Outlook

• Large secured backlog
  • Majority being executed in well-proven alliance model with balanced risk-reward
  • Continued focus on predictable project execution

▪ Positive market outlook

• Early access to key customers through early-phase studies and technology development projects
• Large tender profile across energy verticals
• Attractive capital allocation strategy
  • Proposed extraordinary dividend of NOK 21 per share to be paid in December 2024, pending EGM approval
  • Ordinary dividend policy with target to distribute 40- 60% of adjusted net income to shareholders

Financial Performance

Idar Eikrem, CFO

3Q 2024 | Key Figures

NOK million	3Q 2024	3Q 2023	2Q 2024	2023
Revenue	13,184	9,102	12,826	36,262
items1 Revenue ex. special	13,181	9,114	12,827	36,107
Of which Net profit equity accounted ivestees	245	8	166	205
EBITDA	1,204	194	1,206	1,166
EBITDA margin	9.1%	2.1%	9.4%	3.2%
items1 ex. special EBITDA	1,208	214	1,216	1,295
items1 EBITDA margin ex. special	9.2%	2.4%	9.5%	3.6%
impairment2 Depreciation, amortization and	(305)	(158)	(267)	(744)
EBIT	900	36	940	422
EBIT margin	6.8%	0.4%	7.3%	1.2%
items1 EBIT ex. special	904	59	959	611
items1 EBIT margin ex. special	6.9%	0.6%	7.5%	1.7%
financial Net items	(188)	(68)	(272)	(328)
(loss) before Income tax	712	(32)	668	95
Income tax	(150)	(56)	(136)	(110)
(loss) from Net income continuing operations	562	(88)	532	(15)
(loss) Net income from discontinued operations	-	965	-	11,540
Net income for total operations	562	877	532	11,525
operations1 Net income (loss) ex. special items total	812	1,021	862	2,428
Earnings per share (NOK) from total operations	1.18	1.88	1.10	23.81
operations1 Earnings per share (NOK) ex. special items total	1.70	2.18	1.78	5.20
Dividend per share (NOK)	-	-	-	2.00

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

Financials and Highlights

• Revenue¹ of NOK 13.2 billion for the quarter
  • Strong growth mainly driven by Renewables and Field Development

■ EBITDA¹ of NOK 1.2 billion (9.2% margin)

• Strong operational performance across project portfolio, both in Life Cycle and Renewables and Field Development
• Net income from equity accounted investees of NOK 245 million, primarily driven by OneSubsea
• EPS¹ for the quarter of NOK 1.70

3Q 2024 | Renewables and Field Development

Order Intake

Financials and Highlights

• Revenue of NOK 9.2 billion in quarter
  • 65% increase compared to same period last year
• EBITDA of NOK 774 million (8.4% margin) in quarter
  • Solid progress across large project portfolio
  • Legacy renewables projects continue to be a drag on margins
• Order intake of NOK 3.0 billion (0.3x book-to-bill) in quarter
  • Mainly driven by growth in existing projects
• Continued solid order backlog of NOK 40.6 billion
  • Majority related to projects executed under the well-proven alliance model with Aker BP
• Revenues expected to increase by more than 65% in 2024

3Q 2024 | Life Cycle

150			6%	7%	7%
100	5%	6%
50
0	3Q23	4Q23	1Q24	2Q24	3Q24
244			NOK MILLION
Order Backlog

23.2 NOK BILLION 0 5 10 15 20 25 3Q23 4Q23 1Q24 2Q24 3Q24

Financials and Highlights

• Revenue of NOK 3.5 billion in quarter
  • 6% increase from same period last year
• EBITDA of NOK 244 million (7.1% margin) in quarter
  • Continued solid performance on ongoing projects and multi-year frame agreements
• Order intake of NOK 2.7 billion (0.8x book-to-bill)
  • Mainly related to Troll modification for Equinor, as well as growth in existing projects and added scope in frame agreements
• Continued solid order backlog of NOK 23.2 billion
  • Excluding potential growth in existing contracts and frame agreements, and value of extension options
  • Solid visibility on activity level moving forward
• Revenue in 2024 expected to continue at close to 2023-levels
  • Predictable revenue profile over time, driven by large multi-year frame agreements for maintenance and modification

3Q 2024 | OneSubsea

19% 18% 5% 10% 15% 20% 25% Financials and Highlights ▪ Revenue¹ of NOK 10.7 billion in quarter

0%

▪ EBITDA1,2 of NOK 2.0 billion in the quarter

▪ High activity levels in all major basin

• Representing an EBITDA margin of 18%
• Synergy realization well on track

▪ Net Income before PPA1,3 of NOK 1.1 billion

• Aker Solutions has recognized NOK 244 million in the quarter
• This includes a catch-up effect of NOK 43 million from our reporting in the second quarter

▪ Solid order backlog⁴ of NOK 46.5 billion

▪ Multi-year upcycle in subsea expected

▪ Strong cash generation

• Payment of vendor note and working capital loans earlier than previously announced
• Dividend distribution to shareholders planned for Q4 2024, USD 35 million on a 100% basis

Third-quarter results 2024 11

¹ Using average exchange rate in 3Q 2024 of USD/NOK 10.6 ² EBITDA excluding special items, US GAAP ³ Net Income before Purchase Price Allocation (PPA) adjustments

⁴ Using exchange rate from September 29, 2024 of USD/NOK 10.6

3Q 2024 | Cash Generation

Change in Cash and Cash Equivalents NOK MILLION

Improved Cash Position in the Quarter

• Cash flow from operations of negative NOK 519 million in the third quarter
  • Driven by NOK 1.2 billion working capital reversal
• CAPEX investments of NOK 254 million
  • Mainly related to upgrades and modifications of yards in connection with major awards

▪ Subsea proceeds of NOK 1.3 billion

• Vendor note of USD 87.5 million repaid in full
• Working capital loans of USD 37 million repaid in full
• Positive effect from exchange rate adjustments

3Q 2024 | Net Cash Position of NOK 11.7 Billion

Working Capital¹ of minus NOK 7.7 billion

■ NOK 1.2 billion working capital normalization in the quarter

CAPEX² in the quarter was NOK 254 million

■ Safeguarding investment program completed on time and budget

Net Cash Position² of NOK 11.7 billion

■ Includes NOK 7.3 billion in liquid funds, not treated as cash under IFRS

¹See definition under Alternative Performance Measures in appendix

²Excluding the effects of IFRS 16 as covenants are based on frozen GAAP

Third-Quarter Results 13

3Q 2024 | Attractive Capital Allocation Strategy

Summary

• Significant increase in revenues and improved margins in the quarter compared to last year
• Strong operational performance with several milestones met during the quarter
• Continued high backlog of NOK 65 billion ensuring good visibility on future activity levels
• Key focus on delivering predictable project execution
• High tendering and early-phase study activity positioning the company for future profitable growth
• Solid financial position

Outlook

• 2024 revenue expected to grow by more than 40% from 2023-levels
• 2024 EBITDA-margin expected to be around 7.5% excluding the net income from OneSubsea
• Working Capital is expected to remain stable short term, but normalize over time to a level of between negative 4 and 6 billion
• CAPEX for 2024 is expected to be around NOK 1.5 billion. Long term CAPEX forecasted to be around 1.5% of revenues
• Proposed extraordinary dividend of NOK 21 per share to be paid out in December, pending EGM
• Maintain ordinary dividend policy with target to distribute 40-60% of annual net profit, excluding special items, through dividends and share buybacks

Forward-looking information and statements are subject to significant risks, uncertainties and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections.

Q&A

Additional Information

3Q 2024 | Order Intake and Backlog

Order Backlog by Type

Quarterly Order Intake NOK BILLION

(Book-to-bill is based on revenue from customer contracts, see APM for details)

Third-Quarter Results 18

¹ Alliance model: Contracts under the Aker BP alliance model with balanced risk and upside potential through incentives ² Reimbursable: Contracts with less than 20% lump sum exposure as share of contract value

³ Lump sum: Contracts with more than 20% lump sum exposure as share of contract value – mainly related to legacy renewables projects ⁴ See appendix for definition

Timing of Selected Large Projects in the Portfolio, by Segment

Renewables and Field Development Life Cycle

Project	Customer	Award year	Delivery year (est.)
Johan Castberg FPSO	Equinor	2017	2024
Hugin A Platform	Aker BP	2022	2026
Hugin B Platform	Aker BP	2022	2026
Valhall PWP Platform	Aker BP	2022	2026
Fenris UI	Aker BP	2022	2026
Rosebank FPSO	Altera	2023	2025
Jackdaw WHP	Shell	2022	2025
Sunrise Wind HVDC	Ørsted & Eversource	2021	2025
East Anglia 3 HVDC	ScottishPower	2022	2025
Heidelberg Brevik Carbon Capture	Aker Carbon Capture	2020	2025
Norfolk Vanguard West HVDC (pending regulatory approval and FID)	RWE	2023	TBA
Norfolk Vanguard East HVDC (pending regulatory approval and FID)	RWE	2023	TBA

Project	Customer	Award year	Delivery year (est.)
Aker BP EMM /Modific. Alliance (FA)	Aker BP	2015	2025
Equinor H (FA)	Equinor	2016	2026
Brunei (FA)	Brunei Shell Petr.	2020	2025
ConocoPhillips M&M (FA)	ConocoPhillips	2016	2026
Nyhamna M&M (FA)	Shell	2007	2028
Shell Modification Contract (FA)	Shell	2017	2028
Draugen Electrification	OKEA	2023	2027
Troll West, electrification	Equinor	2021	2026
Hebron Brownfield EPCM	Exxon	2015	2025
Angola EPC Services	Azule Energy (BP/ENI)	2024	2027
Mongstad Waste-Water Upgrade	Equinor	2024	2026
Bestla tie-in to Brage	OKEA	2024	2026

(FA = frame agreement)

(Disclaimer: the tables show the estimated timing of a selection of large projects in Aker Solutions' backlog per 3Q 2024. This information is unaudited and subject to change)

Renewables and Transitional Energy Solutions

million NOK
Revenue	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
(excl items) Total . special revenue	6 619 ,	8 274 ,	27 461 ,	7 145 ,	8 826 ,	9 114 ,	11 021 ,	36 107 ,	11 477 ,	12 827 ,	13 181 ,
Renewables and Transitional Energy Solutions	1 568 ,	2 136 ,	6 100 ,	1 756 ,	1 668 ,	1 585 ,	1 736 ,	6 744 ,	1 856 ,	2 071 ,	2 737 ,
Renewables and Transitional Energy Solutions (%)	24 %	26 %	22 %	25 %	19 %	17 %	16 %	19 %	16 %	16 %	21 %
Order intake	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Total order intake	6 680 ,	45 165 ,	67 811 ,	805 7 ,	7 889 ,	4 963 ,	14 646 ,	35 303 ,	6 981 ,	15 532 ,	6 014 ,
Solutions Renewables and Transitional Energy	1 446 ,	1 113 ,	6 611 ,	2 965 ,	902	717	5 227 ,	9 810 ,	285	3 805 ,	1 099 ,
Solutions (%) Renewables and Transitional Energy	22 %	2 %	10 %	38 %	11 %	14 %	36 %	28 %	4 %	24 %	18 %
Order backlog	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Total order backlog	36 152 ,	72 784 ,	72 784 ,	73 761 ,	73 080 ,	68 918 ,	72 680 ,	72 680 ,	68 669 ,	71 417 ,	64 661 ,
Renewables and Transitional Energy Solutions	11 675 ,	10 652 ,	10 652 ,	11 861 ,	11 095 ,	10 227 ,	13 718 ,	13 718 ,	12 147 ,	13 881 ,	12 243 ,
Renewables and Transitional Energy Solutions (%)	32 %	15 %	15 %	16 %	15 %	15 %	19 %	19 %	18 %	19 %	19 %

Definition

Revenue, order intake and order backlog from work related to renewables and transitional energy solutions. This mainly includes projects with solutions and technologies for offshore wind, hydropower, aquaculture, carbon capture and storage (CCS), hydrogen, electrification of offshore and onshore facilities, and decommissioning & recycling.

These figures are compiled from a bottom-up approach of projects and work in Aker Solutions for the relevant periods. The figures are unaudited and subject to change.

Basis for Preparation

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

The same measurement principles as presented in the Annual Report 2023 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 and 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.

	Renewables & Field Development		Life Cycle		Other/ eliminations		Aker Solutions
NOK million		3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023
Revenue	9,217	5,576	3,453	3,249	269		269 12,940	9,094
Net profit equity accounted investees	(0)	-	-	-	245	8	245
Non-qualifying hedges	-	-	-	-	(3)	13	(3)	13
Sum of special items excluded from revenue	-	-	-	-	(3)	13	(3)	13
Total revenue and other income ex. special items	9,217	5,576	3,453	3,249	511		289 13,181	9,114
EBITDA	774	236	244	163	187	(205)	1,204	194
Restructuring cost	-	3	0	0		1 0	1
Non-qualifying hedges	-	-	-	-	(3)	3	(3)
Other special items	-	-	-	-		6 15	6	15
Sum of special items excluded from EBITDA	-	3	0		0	4 18	4	21
EBITDA ex. special items	774	239	244	163	191	(187)	1,208	214
EBITDA margin	8.4 %	4.2 %	7.1 %	5.0 %			9.1 %	2.1 %
EBITDA margin ex. special items	8.4 %	4.3 %	7.1 %	5.0 %			9.2 %	2.4 %
EBIT	556	149	209	134	134	(246)	900	36
Sum of special items excluded from EBITDA	-	3	0	0		4 18	4	21
Impairments		0 -	-	(0)		0 2	1
Sum of special items excluded from EBIT		0 3	0		0	4 20	4	23 59
EBIT ex. special items	557	152	209	134	138	(226)	904
EBIT margin	6.0 %	2.7 %	6.0 %	4.1 %			6.8 %	0.4 %
EBIT margin ex. special items	6.0 %	2.7 %	6.0 %	4.1 %			6.9 %	0.6 %
Net income (loss) from continuing operations							562	(88)
Net income from discontinued operations							-	965
Net income from total operations							562	877
Sum of special items excluded from EBIT							4	23
Financial items1							312	54
Non-qualifying hedges							3	29
Tax effects on special items							(69)	(20)
Net income continuing operations ex. special items							812	(2)
Other special items on discontinued operations							-
Net income discontinued operations ex. special items							-	1,022
Net income to non-controlling interests							8	43
Net income continuing operations ex. special items and non-controlling interests							820	41
Average number of shares (in '000)							483,001 488,669
Earnings per share from continuing operations2							1.18	(0.09)
Earnings per share from discontinued operations2							-	1.98
Earnings per share from total operations2							1.18	1.88
Earnings per share from continuing operations ex. special items3							1.70	0.08
Earnings per share from discontinued operations ex. special items3							-	2.09
Earnings per share from total operations ex. special items3							1.70	2.18
1 Financial items include shares in SLB and related currency derivatives
2 Earnings per share is calculated using Net income, adjusted for non-controlling interests, divided by average number of shares
3 Earnings per share ex. special items is calculated using Net income from total operations ex. special items, adjusted for non-controlling interests, divided by average number of shares

³Earnings per share ex. special items is calculated using Net income from total operations ex. special items, adjusted for non-controlling interests, divided by average number of shares

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	3Q	3Q
million	2024	2023
Cash and cash equivalents	4 472 ,	7 272 ,
Credit	3	3
facility	000	000
(unused)	,	,
Liquidity buffer	7,472	10 272 ,

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	3Q 2024	3Q 2023
Current tax assets	76	68
Inventory	44	49
Customer and other receivables contract assets	3 960 ,	2 685 ,
Trade receivables	7 460 ,	3 271 ,
Prepayments	1 192 ,	786
Current liabilities tax	(44)	(51)
Provisions	(3 361) ,	(2 285) ,
Trade payables	(3 665) ,	(2 273) ,
Other payables	(7 899) ,	(5 008) ,
Customer liabilities contract	(5 419) ,	(3 873) ,
Net operating (NCOA) current assets	(7 655) ,	(6 631) ,

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, x times	3Q 2024	3Q 2023
Non-current borrowings	(0)	(0)
Current borrowings	(0)	426
Cash and cash equivalents	(4,472)	(7,272)
Net interest-bearing debt	(4,472)	(6,846)
Trailing four quarters:
EBITDA	3,928	836
IFRS 16 effects excl. onerous lease cost	576	546
EBITDA excl. IFRS 16 effects and onerous lease cost	3,352	289
Onerous lease (IAS 17) cost	0	(0)
Restructuring cost	22	5
Non-qualifying hedges	(5)	19
Gain on non-cash dividend distribution and sale of PPE	-	-
Adjusted EBITDA	3,370	314
Net interest-bearing debt EBITDA (leverage ratio) to	-1.3x	-21.8x

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 contracts, 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.

million, x times NOK		3Q 2024		3Q 2023
	Revenue				Revenue
	Order intake	from customer		Order intake	from customer	Book-to-bill
		contracts			contracts
Renewables and Field Development	3,001	9,217	0.3x	1,066	5,574	0.2x
Life Cycle	2,717	3,453	0.8x	3,467	3,246	1.1x
Other/eliminations	296	219		429	239
Solutions Aker	6,014	12,889	0.5x	4,963	9,058	0.5x

Special Items

NOK million, (Gain) / Loss

Special items (EBITDA)	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Restructuring	(0)	(0)	1	2	0	3	19	24	0	3	1
Non-qualifying hedges	(4)	2	12	5	10	3	(0)	17	(2)	0	(3)
Other special items	2	7	10	11	16	15	46	87	22	7	6
Total special items EBITDA	(2)	9	23	19	25	21	64	128	20	10	4
Impairments	(54)	12	(30)	0	2	2	55	60	4	9	1
Total special items EBIT	(56)	21	(8)	19	27	23	119	189	23	19	4
items1 Financial	-	-	-	62	2	54	337	455	(285)	405	312
Non-qualifying hedges	24	8	(15)	(41)	(25)	29	2	(34)	(0)	(0)	3
effects Tax special items on	1	29	26	(3)	(5)	(20)	(98)	(125)	58	(93)	(69)
Total special items income net	(31)	58	3	38	0	86	361	484	(204)	330	250

1 Financial items include shares in SLB and related currency derivatives

Income Statement

NOK million
consolidated Income statement	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Revenue	6 614 ,	8 248 ,	27 468 ,	213 7 ,	8 880 ,	9 094 ,	10 870 ,	36 057 ,	11 273 ,	12 661 ,	12 940 ,
Net profit equity accounted investees	(1)	27	33	0	1	8	197	205	207	166	245
Total revenue and other income	6 613 ,	8 275 ,	27 500 ,	7 213 ,	8 881 ,	9 102 ,	11 066 ,	36 262 ,	11 481 ,	12 826 ,	13 184 ,
Operating expenses	(6 463) ,	(8 055) ,	(26 854) ,	(6 985) ,	(8 688) ,	(8 908) ,	(10 515) ,	(35 096) ,	(10 514) ,	(11 620) ,	(11 980) ,
EBITDA	150	220	647	229	193	194	551	1 166 ,	967	1 206 ,	1 204 ,
Of which related hedging to	4	(2)	(12)	(5)	(10)	(3)	0	(17)	2	(0)	3
Depreciation and amortization	(152)	(134)	(559)	(135)	(158)	(155)	(222)	(670)	(264)	(258)	(304)
Impairment	54	(20)	22	(14)	(2)	(2)	(55)	(74)	(4)	(9)	(1)
EBIT	52	66	109	79	33	36	274	422	700	940	900
Net interest	(40)	(22)	(185)	(17)	(3)	42	104	126	83	49	22
Net other financial items	(27)	8	26	(16)	63	(109)	(391)	(453)	341	(321)	(210)
Net financial items	(67)	(15)	(160)	(32)	60	(68)	(288)	(328)	423	(272)	(188)
Net income (loss) before tax	(15)	51	(50)	47	93	(32)	(14)	95	1 123 ,	668	712
Income tax	(46)	3	(92)	(25)	(67)	(56)	37	(110)	(229)	(136)	(150)
Net income (loss) from continuing operations	(61)	54	(142)	22	27	(88)	23	(15)	894	532	562
Net income from discontinued operations	346	381	1 312 ,	367	513	965	9 695 ,	11 540 ,	-	-	-
Net income from total operations	285	435	1 170 ,	390	539	877	9 ,719	11 525 ,	894	532	562
Net income attributable to:
Equity holders of the parent company	305	441	1 179	387	528	920	9 802	11 637	890	535	570
Non-controlling interests	(20)	(6)	, (8)	2	12	(43)	, (83)	, (112)	4	(3)	(8)
EBITDA margin	2 3 %	2 7 %	2 4 %	3 2 %	2 2 %	2 1 %	5 0 %	3 2 %	8 4 %	9 4 %	9 1 %
Basic earnings per share from continuing operations (NOK)	(0 08)	0 12	(0 27)	0 04	0 03	(0 09)	0 22	0 20	1 82	1 10	1 18
Basic earnings per share from discontinued operations (NOK)	0 71	0 78	2 70	0 75	1 05	1 98	19 83	23 61	-	-	-
(NOK) Basic earnings per share from total operations	0 62	0 91	2 42	0 79	1 08	1 88	20 05	23 81	1 82	1 10	1 18
(NOK) Dividend per share	-	-	1 00	-	-	-	-	2 00	-	-	-

Cash Flow

NOK million
Cash flow	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
EBITDA continuing operations	150	220	647	229	193	194	551	1 166 ,	967	1 206 ,	1 204 ,
EBITDA discontinued operations	586	727	2 288 ,	640	906	1 225 ,	0	2 772 ,	-	-	-
Change in cash flow from operating activities	33	1 245 ,	1 584 ,	832	695	434	317	2 278 ,	52	217	(1 723) ,
flow from operating activities Net cash	769	2,193	4,518	1,701	1,794	1,853	868	6,216	1,019	1,423	(519)
Acquisition of plant and equipment property,	(151)	(233)	(507)	(217)	(414)	(624)	(579)	(1 833) ,	(567)	(399)	(242)
Payments for capitalized development	(25)	(33)	(113)	(61)	(20)	(288)	(20)	(388)	(16)	(14)	(12)
Acquisition of subsidiaries of cash acquired , net	(4)	(47)	(169)	(13)	(0)	0	(0)	(13)	-	(44)	(29)
Disposal of subsidiaries	17	-	17	-	(0)	(0)	621	621	0	1 943 ,	1 344 ,
Change in current interest-bearing receivables	9	-	-	-	-	-	(106)	(106)	-	58	0
Change in investments current	-	-	-	-	-	(1 001) ,	(1 999) ,	(3 000) ,	(3 000) ,	(0)	(1 000) ,
Sub-lease income received	33	16	110	28	32	31	27	119	30	30	27
Interest received	38	49	128	51	102	108	107	368	71	136	133
Interest received on sub-leases	5	14	29	8	5	6	10	27	7	8	(2)
Cash flow from other investing activities	8	16	29	1	1	10	45	58	(33)	4	32
Net cash flow from investing activities	(70)	(216)	(476)	(203)	(294)	(1 ,758)	(1 ,893)	(4 ,147)	(3 509) ,	1,721	252
Change in external borrowings	(950)	19	(1 444) ,	(499)	(31)	(0)	(437)	(967)	0	-	(0)
Lease installments paid	(169)	(186)	(695)	(201)	(188)	(204)	(180)	(774)	(173)	(160)	(164)
Paid dividends	(0)	0	(97)	0	(489)	-	0	(489)	-	(970)	-
Acquisition of shares treasury	(0)	(0)	(0)	0	0	0	0	0	(152)	(302)	(46)
Interest paid	(27)	(22)	(124)	(18)	(17)	0	(30)	(64)	(8)	(9)	(9)
Interest paid on leases	(48)	(47)	(195)	(48)	(48)	(47)	(38)	(181)	(40)	(40)	(39)
Other financing activities	(2)	(9)	(11)	(0)	(0)	(8)	(0)	(8)	(0)	(0)	(0)
Net cash flow from financing activities	(1 ,196)	(245)	(2 566) ,	(767)	(773)	(259)	(685)	(2 ,483)	(373)	(1 ,481)	(258)
(decrease) Net increase in cash and cash equivalents	(497)	1,732	1,476	731	727	(163)	(1 ,710)	(415)	(2 ,863)	1,663	(524)
Cash and cash equivalents the beginning of the period at	026 5 ,	4 469 ,	4 560 ,	6 170 ,	102 7 ,	8 078 ,	787 7 ,	6 170 ,	6 003 ,	3 293 ,	4 857 ,
Effect of exchange rate changes on cash and cash equivalents	(60)	(31)	134	201	249	(128)	(75)	248	153	(98)	139
Cash and cash equivalents the end of the period at	4,469	6,170	6,170	7,102	8,078	7,787	6,003	6,003	3,293	4,857	4,472

Balance Sheet – Assets

NOK million

Assets	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024
Property , plant and equipment	3 533 ,	3 596 ,	3 762 ,	4 246 ,	2 883 ,	3 487 ,	3 830 ,	3 956 ,	4 043 ,
Intangible including Goodwill assets	6 064 ,	949 5 ,	958 5 ,	933 5 ,	3 413 ,	3 563 ,	3 536 ,	3 510 ,	3 514 ,
Right-of-use and investment assets property	2 693 ,	2 723 ,	2 764 ,	2 809 ,	1 904 ,	1 911 ,	1 862 ,	1 832 ,	1 809 ,
Deferred tax assets	593	584	543	605	345	491	317	380	323
Non-current lease receivables	580	561	560	561	501	529	511	461	448
Equity accounted investees	75	103	94	95	99	6 555 ,	6 845 ,	7 090 ,	7 354 ,
Investments in other companies	26	25	22	21	39	19	17	17	17
Interest-bearing receivables	215	201	205	209	211	197	200	204	207
Other non-current assets	20	26	27	61	55	506	425	204	263
Total non-current assets	13 800 ,	13 768 ,	13 936 ,	14 540 ,	9 450 ,	17 258 ,	17 542 ,	17 653 ,	17 977 ,
Current tax assets	97	67	80	88	68	75	73	67	76
Inventories	258	275	270	353	49	44	48	44	44
Trade receivables	546 5 ,	857 5 ,	6 151 ,	6 046 ,	3 271 ,	268 5 ,	915 5 ,	442 5 ,	460 7 ,
Customer and other receivables contract assets	4 630 ,	4 419 ,	5 646 ,	5 748 ,	2 685 ,	2 317 ,	2 526 ,	3 162 ,	3 960 ,
Prepayments	1 917 ,	1 981 ,	2 325 ,	2 601 ,	786	1 214 ,	1 091 ,	1 281 ,	1 192 ,
financial Derivative instruments	484	406	550	565	240	258	388	307	379
Interest-bearing receivables	133	146	157	167	1 160 ,	3 103 ,	3 367 ,	1 562 ,	214
Financial investments	-	-	-	-	-	5 714 ,	9 106 ,	8 717 ,	9 516 ,
Cash and cash equivalents	4 469 ,	6 170 ,	7 102 ,	8 078 ,	7 272 ,	6 003 ,	3 293 ,	4 857 ,	4 472 ,
Assets classified held for sale as	-	-	-	-	14 230 ,	-	-	-	-
Total current assets	17 534 ,	19 320 ,	22 282 ,	23 646 ,	29 760 ,	23 996 ,	25 807 ,	25 439 ,	27 313 ,
Total assets	31 334 ,	33 088 ,	36 218 ,	185 38 ,	39 210 ,	253 41 ,	43 349 ,	43 092 ,	45 290 ,

Balance Sheet – Liabilities and Equity

NOK million
Liabilities equity and	3Q 2022	4Q 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024
Total equity attributable the to parent	9 129 ,	9 244 ,	9 940 ,	10 506 ,	11 187 ,	19 082 ,	20 176 ,	19 379 ,	20 070 ,
Non-controlling interests	41	(4)	(3)	(3)	(56)	(129)	(134)	(134)	(141)
Total equity	9 169 ,	9 240 ,	9 938 ,	10 502 ,	11 132 ,	18 953 ,	20 042 ,	19 245 ,	19 928 ,
Non-current borrowings	960	962	469	417	(0)	(0)	-	-	(0)
Non-current lease liabilities	3 707 ,	3 679 ,	3 729 ,	3 792 ,	2 795 ,	2 921 ,	2 869 ,	2 722 ,	2 653 ,
Pension obligations	962	1 031 ,	1 009 ,	1 039 ,	1 019 ,	895	875	859	845
Deferred liabilities tax	524	459	549	647	39	140	150	335	394
Other liabilities non-current	26	36	36	36	36	119	127	83	83
Total liabilities non-current	6 179 ,	6 168 ,	792 5 ,	931 5 ,	3 889 ,	4 074 ,	4 021 ,	3 998 ,	3 975 ,
Current liabilities tax	70	65	66	128	51	62	48	53	44
Current borrowings	40	60	37	6	426	(0)	-	-	(0)
Current lease liabilities	705	734	737	736	586	619	616	649	709
Provisions	1 774 ,	1 719 ,	1 833 ,	2 389 ,	2 285 ,	3 405 ,	3 536 ,	3 917 ,	3 361 ,
Trade payables	2 660 ,	2 645 ,	3 271 ,	3 463 ,	2 273 ,	2 554 ,	2 767 ,	3 269 ,	3 665 ,
Other payables	7 963 ,	9 066 ,	9 931 ,	10 165 ,	5 008 ,	6 550 ,	6 948 ,	7 395 ,	7 899 ,
Customer liabilities contract	2 329 ,	3 134 ,	4 289 ,	4 443 ,	3 873 ,	4 831 ,	129 5 ,	4 260 ,	419 5 ,
financial Derivative instruments	446	255	324	422	193	204	242	306	290
Liabilities classified held for sale as	-	-	-	-	9 495 ,	-	-	-	-
Total liabilities current	15 985 ,	17 679 ,	20 488 ,	21 752 ,	24 190 ,	18 226 ,	19 286 ,	19 849 ,	21 387 ,
Total liabilities and equity	31 334 ,	33 088 ,	36 218 ,	38 185 ,	39 210 ,	41 253 ,	43 349 ,	43 092 ,	45 290 ,

Split per Segment

NOK million
Revenue	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	3 551 ,	4 553 ,	14 857 ,	4 128 ,	5 369 ,	5 576 ,	7 447 ,	22 520 ,	8 003 ,	9 402 ,	9 217 ,
Life Cycle	2 938 ,	3 576 ,	12 164 ,	2 933 ,	3 343 ,	3 249 ,	3 547 ,	13 072 ,	3 031 ,	2 988 ,	3 453 ,
Other	138	165	544	177	215	512	296	1 201 ,	470	462	544
Eliminations	(13)	(20)	(64)	(24)	(47)	(235)	(224)	(531)	(23)	(26)	(30)
Revenue	6 613 ,	275 8 ,	500 27 ,	7 213 ,	8 881 ,	9 102 ,	11 066 ,	36 262 ,	11 481 ,	12 826 ,	13 184 ,
EBITDA	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	124	185	487	169	208	236	361	973	617	887	774
Life Cycle	146	188	663	161	164	163	197	686	195	205	244
Other	(120)	(153)	(504)	(101)	(179)	(205)	(7)	(492)	154	115	187
EBITDA	150	220	647	229	193	194	551	1 166 ,	967	1 206 ,	1 204 ,
EBITDA margin	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	3 % 5	4 1 %	3 3 %	4 1 %	3 9 %	4 2 %	4 9 %	4 3 %	% 7 7	9 4 %	8 4 %
Life Cycle	5 0 %	5 3 %	5 5 %	5 5 %	4 9 %	5 0 %	5 6 %	5 2 %	6 4 %	6 8 %	7 1 %
EBITDA margin	2 3 %	2 7 %	2 4 %	3 2 %	2 2 %	2 1 %	5 0 %	3 2 %	8 4 %	9 4 %	9 1 %
EBIT	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	48	106	185	87	120	149	241	597	449	724	556
Life Cycle	120	161	558	132	133	134	166	565	163	170	209
Other	(116)	(201)	(634)	(140)	(220)	(246)	(134)	(740)	88	45	134
EBIT	52	66	109	79	33	36	274	422	700	940	900
EBIT margin	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	1 3 %	2 3 %	1 2 %	2 1 %	2 2 %	2 7 %	3 2 %	2 7 %	5 6 %	7 7 %	6 0 %
Life Cycle	4 1 %	4 % 5	4 6 %	4 % 5	4 0 %	4 1 %	4 % 7	4 3 %	4 % 5	% 5 7	6 0 %
EBIT margin	0 8 %	0 8 %	0 4 %	1 1 %	0 4 %	0 4 %	5 2 %	1 2 %	6 1 %	7 3 %	6 8 %

Split per Segment

NOK million
NCOA	3Q 2022	4Q 2022		1Q 2023	2Q 2023	3Q 2023	4Q 2023		1Q 2024	2Q 2024	3Q 2024
NCOA	(2 347) ,	(4 032) ,		(4 920) ,	(5 753) ,	(6 631) ,	(8 484) ,		(8 774) ,	(8 898) ,	(7 655) ,
intake Order	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	4 881	38 934	51 398	2 851	6 716	1 066	11 890	22 523	3 956	8 789	3 001
Life Cycle	, 1 766	, 6 108	, 16 190	, 4 827	, 933	, 3 467	, 2 554	, 11 781	, 2 644	, 6 595	, 2 717
Other and eliminations	, 33	, 123	, 222	, 128	240	, 429	, 203	, 999	, 381	, 148	, 296
Order intake	6 680 ,	45 165 ,	67 811 ,	7 805 ,	7 889 ,	4 963 ,	14 646 ,	35 303 ,	6 981 ,	15 532 ,	6 014 ,
Order backlog	3Q 2022	4Q 2022		1Q 2023	2Q 2023	3Q 2023	4Q 2023		1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	16 255 ,	50 790 ,		49 656 ,	51 556 ,	46 596 ,	51 405 ,		47 499 ,	46 802 ,	40 602 ,
Life Cycle	19 542 ,	21 617 ,		23 716 ,	21 464 ,	21 630 ,	20 579 ,		20 297 ,	23 814 ,	23 177 ,
Other and eliminations	355	377		390	60	692	696		874	801	882
Order backlog	36 152 ,	72 784 ,		73 761 ,	73 080 ,	68 918 ,	72 680 ,		68 669 ,	71 417 ,	64 661 ,
Own employees	3Q 2022	4Q 2022		1Q 2023	2Q 2023	3Q 2023	4Q 2023		1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	5 274 ,	5 484 ,		5 607 ,	5 876 ,	6 037 ,	6 121 ,		6 204 ,	6 364 ,	6 396 ,
Life Cycle	4 408 ,	4 381 ,		4 464 ,	4 224 ,	4 361 ,	4 220 ,		4 015 ,	4 078 ,	4 163 ,
Other	919	1 139 ,		1 159 ,	1 119 ,	1 122 ,	1 132 ,		1 137 ,	1 163 ,	1 166 ,
Own employees	10 601 ,	11 004 ,		11 230 ,	11 219 ,	11 520 ,	11 473 ,		11 356 ,	11 605 ,	11 725 ,

Split per Segment – Excluding Special Items

NOK million
(excl . special items) EBITDA	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	124	185	488	171	208	239	362	979	617	887	774
Life Cycle	146	188	663	161	164	163	197	686	195	205	244
Other	(122)	(145)	(481)	(85)	(153)	(187)	56	(370)	175	125	191
EBITDA (excl . special items)	148	229	669	247	218	214	615	1 295 ,	987	1 216 ,	1 208 ,
margin (excl . special items) EBITDA	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	3 5 %	4 1 %	3 3 %	4 1 %	3 9 %	4 3 %	4 9 %	4 3 %	7 7 %	9 4 %	8 4 %
Life Cycle	0 % 5	3 % 5	% 5 5	% 5 5	4 9 %	0 % 5	6 % 5	2 % 5	6 4 %	6 8 %	1 % 7
margin (excl . special items) EBITDA	2 2 %	2 8 %	2 4 %	3 5 %	2 5 %	2 4 %	5 6 %	3 6 %	8 6 %	9 5 %	9 2 %
EBIT (excl . special items)	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	48	106	189	90	119	152	242	603	448	724	557
Cycle Life	120	161	558	132	133	134	166	565	163	170	209
Other	(172)	(181)	(645)	(123)	(192)	(226)	(15)	(557)	112	64	138
(excl . special items) EBIT	(4)	86	102	98	60	59	393	611	723	959	904
EBIT margin (excl . special items)	3Q 2022	4Q 2022	FY 2022	1Q 2023	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024
Renewables and Field Development	1 3 %	2 3 %	1 3 %	2 2 %	2 2 %	2 7 %	3 3 %	2 7 %	5 6 %	7 7 %	6 0 %
Cycle Life	4 1 %	4 5 %	4 6 %	4 5 %	4 0 %	4 1 %	4 7 %	4 3 %	5 4 %	5 7 %	6 0 %
EBIT margin (excl . special items)	-0 1 %	1 0 %	0 4 %	1 4 %	0 % 7	0 6 %	3 6 %	1 % 7	6 3 %	5 % 7	6 9 %

Order Backlog by Market

NOK billion, %

Order Backlog by Market	3Q 2023	3Q 2024
Norway	84 %	86 %
Europe	9 %	8 %
North America	5 %	3 %
Asia Pacific	2 %	2 %
Africa	0 %	2 %
Total	100 %	100 %
Total backlog (NOK billion)	68 9	64 7

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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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