Aker Solutions

Investor Presentation • Jul 11, 2025

2Q 2025

July 11, 2025

Kjetel Digre, CEO Idar Eikrem, CFO

2Q 2025 | Solid Financial Performance

Financials

• Solid financial performance in period of high activity
• Ongoing commercial discussions on legacy lump sum projects

Operational

• Solid progress on the Aker BP portfolio
• Enabling a full-scale CCS value chain in Norway

Outlook and Developments

• Continued high tendering and early-phase study activity
• Leveraging new technologies to solve global energy challenges

0% 2% 4% 6% 8% 10% 12%

2Q 2025 | Solid Progress on the Aker BP Portfolio

• Alliance model with balanced risk-reward profile and aligned incentives
• 4 topsides and jacket substructures with a combined dry weight of about 90,000 tons
• High activity across own and partner locations, all key milestones met in quarter
• Innovative technology and digital solutions

2Q 2025 | Enabling a full-scale CCS value chain in Norway

• Leveraging 3 decades of experience in the carbon capture and storage markets together with industry-leading partners
• Official opening of the world's first CO² capture facility at Brevik, Norway
  • First 15,000 tons of CO² captured and shipped to Northern Lights
  • Total capacity of 400,000 tons CO² capture annually
• Work started on Celsio's carbon capture and storage facilities in Oslo, enabling capture of 350,000 tons of CO² annually
• Ongoing capacity expansion at Northern Lights terminal enabling injection and storage of 5 million tons CO²
  • OneSubsea delivering subsea equipment enabling permanent storage
• Key focus on standardization and simplifications to drive down costs

2Q 2025 | Leveraging new technology to solve energy challenges

2Q 2025 | Continued high tendering activity

Outlook

• Solid secured order backlog for execution
  • Continued focus on predictable project execution
• High tendering and early-phase study activity
  • Continued high activity in studies and FEED work
  • Leveraging new technology solutions to solve energy challenges
• Solid financial position with attractive capital allocation
  • Net cash position of NOK 2.1 billion
  • Ordinary dividend policy with target to distribute 40-60% of adjusted net income to shareholders

Financial Performance

Idar Eikrem, CFO

2Q 2025 | Key Figures

NOK million	2Q 2025	2Q 2024	1H 2025	1H 2024	2024
Total revenue	15,155	12,826	29,544	24,307	53,201
Total revenue ex. special items	15,157	12,827	29,550	24,303	53,193
from OneSubsea Net income	185	185	375	379	789
Total revenue excl. special items and Net income from OneSubsea	14,972	12,642	29,175	23,924	52,403
EBITDA	1,257	1,206	2,460	2,173	4,568
items1 EBITDA ex. special	1,259	1,216	2,471	2,203	4,632
Net income from OneSubsea	185	185	375	379	789
items1 from OneSubsea EBITDA excl. special and Net income	1,073	1,031	2,096	1,823	3,843
EBITDA margin	8.3%	9.4%	8.3%	8.9%	8.6%
items1 EBITDA margin ex. special	8.3%	9.5%	8.4%	9.1%	8.7%
items1 EBITDA margin ex. special and Net income from OneSubsea	7.2%	8.2%	7.2%	7.6%	7.3%
EBIT	899	940	1,752	1,639	3,388
items1 EBIT ex. special	901	959	1,765	1,682	3,474
Net income from OneSubsea	185	185	375	379	789
items1 EBIT excl. special and Net income from OneSubsea	716	774	1,390	1,302	2,684
EBIT margin	5.9%	7.3%	5.9%	6.7%	6.4%
items1 EBIT margin ex. special	5.9%	7.5%	6.0%	6.9%	6.5%
items1 EBIT margin ex. special and Net income from OneSubsea	4.8%	6.1%	4.8%	5.4%	5.1%
items1 Net income (loss) ex. special	693	862	1,333	1,552	3,201
items1 Earnings per share (NOK) ex. special	1.46	1.78	2.81	3.19	6.62
Dividend per share (NOK)	-	-	-	-	3.30

¹Special items mainly include 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 and interim report for details on special items

Financials and Highlights

• Revenue¹ of NOK 15.2 billion in the quarter
  • High activity across segments and locations
  • Quarterly and half-year revenues up by 18% and 22% compared to same period last year

■ EBITDA¹ of NOK 1.3 billion (8.3% margin) in the quarter

• Net income from OneSubsea of NOK 185 million
• EBITDA margin excluding net income from OneSubsea of 7.2% in the quarter
• EBIT¹ of NOK 901 million (5.9% margin) in the quarter
• Net Income¹ of NOK 693 million
• EPS¹ for the quarter of NOK 1.46

2Q 2025 | Cash Generation

Change in Cash and Cash Equivalents NOK MILLION

Financials and Highlights

• Cash flow from operations of NOK 0.4 billion
  • Driven by solid operational performance
  • NOK 520 million working capital reversal in period
• CAPEX investments of NOK 135 million
  • Mainly related to maintenance of existing facilities and equipment
• Dividends from OneSubsea of NOK 145 million
  • Target to distribute more than USD 250 million to shareholders in 2025, representing more than USD 50 million for Aker Solutions
• Paid out dividends of NOK 1.6 billion
  • Representing NOK 3.3 per share paid in May
• Negative effect from exchange rates of NOK 46 million

2Q 2025 | Renewables and Field Development

Order Intake

300 200 100 0
2Q24 3Q24 4Q24 1Q25 2Q25 829 NOK MILLION
Order Backlog
50
40
30
20
10

2Q24 3Q24 4Q24 1Q25 2Q25

46.4 NOK BILLION

0

Financials and Highlights

• Revenue of NOK 10.8 billion in quarter
  • 14% increase compared to same period last year
• EBITDA of NOK 829 million (7.7% margin) in quarter
  • High activity and good progress on Aker BP portfolio of projects
  • Legacy lump sum projects continue to be a drag on margins
• Order intake of NOK 7.9 billion (0.7x book-to-bill) in quarter
  • BalWin 2 substructure contract for 2 GW HVDC development in Germany
  • Growth in existing projects
• Order backlog of NOK 46.4 billion
  • Majority related to projects in the well-proven alliance model with Aker BP
• Revenues expected to grow by 5-10% in 2025

2Q 2025 | Life Cycle

Order Intake

	2Q24	3Q24	4Q24	1Q25	2Q25
275			NOK MILLION
Order Backlog
25
20
15
10
5
0	2Q24	3Q24	4Q24	1Q25		2Q25

20.3 NOK BILLION

Financials and Highlights

• Revenue of NOK 3.9 billion in quarter
  • 30% increase from same period last year
• EBITDA of NOK 275 million (7.0% margin) in quarter
  • Continued solid performance on ongoing projects and multi-year frame agreements
• Order intake of NOK 2.9 billion (0.7x book-to-bill)
  • Extension of frame agreement with Brunei Shell Petroleum
  • Order intake in Life Cycle is lumpy in nature, driven by large long-term frame agreements and timing of larger project awards
• Order backlog of NOK 20.3 billion
  • Several large frame agreements up for renewal in 2025
• Revenue in 2025 expected to grow by about 10%
  • Predictable revenue profile over time, driven by large multi-year frame agreements for Maintenance and Modification

Summary

• Increased revenues in the quarter compared to last year
• Solid backlog of NOK 68 billion, key focus on delivering predictable project execution
• Commercial discussions on legacy lump sum projects
• High tendering and early-phase study activity positioning the company for future opportunities
• Solid financial position, with solid cash generation from own operations, as well as dividends from our 20% stake in OneSubsea

Outlook

• Revenues in 2025 expected to exceed NOK 55 billion
• 2025 EBITDA margin expected to be between 7.0% and 7.5% excluding net income from OneSubsea
• OneSubsea targets to distribute dividends of more than USD 250 million in 2025
• Working Capital is expected to normalize over time to a level of between negative NOK 4 and 6 billion
• CAPEX is expected to be between 1.0% and 1.5% of revenues going forward

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

July 11, 2025

2Q 2025 | Order Intake and Backlog

Order Backlog by Execution Year NOK BILLION

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

Order Backlog by Type NOK BILLION Renewables and Field Development Life Cycle Other Alliance Reimbursable Lump sum Renewables and Transitional Other 1 2 3 4

Quarterly Order Backlog NOK BILLION

¹ Alliance model: Contracts under the Aker BP alliance model with balanced risk and upside potential through incentives ² Reimbursable: Contracts with less than 40% lump sum exposure as share of contract value ³ Lump sum: Contracts with more than 40% lump sum exposure as share of contract value

⁴ See slide on Renewables and Transitional Energy Solutions 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	2025
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
Northern Lights Phase 2, Carbon Storage	Equinor	2025	2028
Celsio Carbon Capture & Storage	Hafslund Celsio	2025	2029
Norfolk Vanguard West HVDC	RWE	2025	2027
Norfolk Vanguard East HVDC	RWE	2025	2028
BalWin 1 HVDC Substructure	Dragados	2025	2029
BalWin 2 HVDC Substructure	Dragados	2025	2030

Project	Customer	Award year	Delivery year (est.)
Aker BP EMM /Modific. Alliance (FA)	Aker BP	2024	2026
Equinor H (FA)	Equinor	2016	2026
Vår Energi M&M (FA)	Vår Energi	2024	2029
Brunei (FA)	Brunei Shell Petr.	2020	2027
ConocoPhillips M&M (FA)	ConocoPhillips	2016	2026
Shell Modification Contract (FA)	Shell	2017	2028
Draugen Electrification	OKEA	2023	2027
Troll West, electrification	Equinor	2021	2027
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	2027

(FA = frame agreement)

(Disclaimer: the tables show the estimated timing of a selection of large projects in Aker Solutions' backlog per 2Q 2025. This information is unaudited and subject to change)

Renewables and Transitional Energy Solutions

NOK million
Revenue	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
(excl items) Total . special revenue	8 826 ,	9 114 ,	11 021 ,	36 107 ,	11 477 ,	12 827 ,	13 181 ,	15 708 ,	53 193 ,	14 393 ,	15 157 ,
Renewables and Transitional Energy Solutions	1 668 ,	1 585 ,	1 736 ,	6 744 ,	1 856 ,	2 071 ,	2 737 ,	3 155 ,	9 820 ,	2 710 ,	3 297 ,
Renewables and Transitional Energy Solutions (%)	19%	17%	16%	19%	16%	16%	21%	20%	18%	19%	22%
Order intake	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Total order intake	7 889 ,	4 963 ,	14 646 ,	35 303 ,	6 981 ,	15 532 ,	6 014 ,	11 559 ,	40 085 ,	25 590 ,	10 929 ,
Renewables and Transitional Energy Solutions	902	717	227 5 ,	9 810 ,	285	3 805 ,	1 099 ,	1 279 ,	6 468 ,	21 313 ,	2 982 ,
Renewables and Transitional Energy Solutions (%)	11%	14%	36%	28%	4%	24%	18%	11%	16%	83%	27%
Order backlog	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Total order backlog	73 080 ,	68 918 ,	72 680 ,	72 680 ,	68 669 ,	71 417 ,	64 661 ,	60 885 ,	60 885 ,	72 063 ,	67 954 ,
Renewables and Transitional Energy Solutions	11 095 ,	10 227 ,	13 718 ,	13 718 ,	12 147 ,	13 881 ,	12 243 ,	10 367 ,	10 367 ,	28 970 ,	28 655 ,
Renewables and Transitional Energy Solutions (%)	15%	15%	19%	19%	18%	19%	19%	17%	17%	40%	42%

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.

Special Items

NOK million
Special items (EBITDA)	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Restructuring	0	3	19	24	0	3	1	5	9	1	2
Non-qualifying hedges	10	3	-0	17	-2	0	-3	1	-3	5	2
Other special items	16	15	46	87	22	7	6	24	58	4	-3
Total special items EBITDA	25	21	64	128	20	10	4	30	63	10	2
Impairments	2	2	55	60	4	9	1	8	22	1	-0
Total special items EBIT	27	23	119	189	23	19	4	39	85	11	2
items1 Financial	2	54	337	455	-285	405	312	169	601	-22	501
Non-qualifying hedges	-25	29	2	-34	-0	-0	3	-3	0	-7	-3
Tax effects special items on	-5	-20	-98	-125	58	-93	-69	-46	-150	4	-110
Total special items income net	0	86	361	484	-204	330	250	160	536	-14	390

¹Financial items include shares in SLB and related currency derivatives

Income Statement

NOK million
Income statement consolidated	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Revenue	8 880 ,	9 094 ,	10 870 ,	36 057 ,	11 273 ,	12 661 ,	12 940 ,	15 537 ,	52 410 ,	14 197 ,	14 967 ,
profit Net equity accounted investees	1	8	197	205	207	166	245	173	790	191	188
Total revenue and other income	8 881 ,	9 102 ,	11 066 ,	36 262 ,	11 481 ,	12 826 ,	13 184 ,	15 710 ,	53 201 ,	14 389 ,	15 155 ,
Operating expenses	-8 688 ,	-8 908 ,	-10 515 ,	-35 096 ,	-10 514 ,	-11 620 ,	-11 980 ,	-14 519 ,	-48 632 ,	-13 186 ,	-13 898 ,
EBITDA	193	194	551	1,166	967	1,206	1,204	1,191	4,568	1,203	1,257
Of which related to hedging	-10	-3	0	-17	2	-0	3	-1	3	-5	-2
Depreciation and amortization	-158	-155	-222	-670	-264	-258	-304	-333	-1 158 ,	-348	-358
Impairment	-2	-2	-55	-74	-4	-9	-1	-8	-22	-1	0
EBIT	33	36	274	422	700	940	900	849	3,388	853	899
Net interest	-3	42	104	126	83	49	22	-9	145	-8	-30
Net other financial items	63	-109	-391	-453	341	-321	-210	6	-184	-5	-490
Net financial items	60	-68	-288	-328	423	-272	-188	-3	-39	-14	-520
Net income (loss) before tax	93	-32	-14	95	1,123	668	712	846	3,349	840	380
Income tax	-67	-56	37	-110	-229	-136	-150	-169	-684	-186	-77
(loss) from Net income continuing operations	27	-88	23	-15	894	532	562	677	2,665	654	303
Net income from discontinued operations	513	965	9 695 ,	11 540 ,	-	-	-	-	-	-	-
Net income from total operations	539	877	9,719	11,525	894	532	562	677	2,665	654	303
Equity holders of the parent company	528	920	9 802 ,	11 637 ,	890	535	570	661	2 656 ,	664	311
Non-controlling interests	12	-43	-83	-112	4	-3	-8	16	9	-10	-8
EBITDA margin	2 2%	2 1%	0% 5	3 2%	8 4%	9 4%	9 1%	6% 7	8 6%	8 4%	8 3%
Basic earnings per share from continuing operations (NOK)	0 03	-0 09	0 22	0 20	1 82	1 10	1 18	1 37	5 51	1 38	0 65
from (NOK) Basic earnings per share discontinued operations	1 05	1 98	19 83	23 61	-	-	-	-	-	-	-
Basic earnings per share from total operations (NOK)	1 08	1 88	20 05	23 81	1 82	1 10	1 18	1 37	5 51	1 38	0 65
Dividend per share (NOK)	-	-	-	2 00	-	-	-	-	3 30	-	-
Extraordinary dividend per share (NOK)	-	-	-	-	-	-	21 00	-	-	-	-

Cash Flow

NOK million
Cash flow	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
EBITDA continuing operations	193	194	551	1,166	967	1,206	1,204	1,191	4,568	1,203	1,257
EBITDA discontinued operations	906	1,225	0	2,772	-	-	-	-	-	-	-
Change flow from in cash operating activities	695	434	316	2,278	52	217	-1,723	-7	-1,461	-364	-856
Net cash flow from operating activities	1,794	1,853	867	6,216	1,019	1,423	-519	1,184	3,107	839	401
Acquisition of property, plant and equipment	-414	-624	-579	-1,833	-567	-399	-242	-187	-1,396	-85	-128
Payments for capitalized development	-20	-288	-20	-388	-16	-14	-12	-9	-51	-10	-7
Acquisition of subsidiaries, net of cash acquired	-0	0	-0	-13	-	-44	-29	7	-66	-	-1
Disposal of subsidiaries	-0	-0	621	621	0	1,943	1,344	5	3,292	-	-
Change in current interest-bearing receivables	-	-	-106	-106	-	58	0	-0	58	-	-
Change in investments current	-	-1,001	-1,999	-3,000	-3,000	-0	-1,000	7,326	3,326	-	-0
Sub-lease income received	32	31	27	119	30	30	27	35	122	23	38
Interest received	102	108	107	368	71	136	133	68	408	42	26
Interest received on sub-leases	5	6	10	27	7	8	-2	14	27	5	5
Cash flow from other investing activities	1	10	45	58	-33	4	32	154	157	174	206
Net cash flow from investing activities	-294	-1,758	-1,893	-4,147	-3,509	1,721	252	7,412	5,876	150	140
Change in external borrowings	-31	-	-437	-967	-	-	-	-	-	-	-
Lease installments paid	-188	-204	-180	-774	-173	-160	-164	-174	-671	-186	-186
Paid dividends	-489	-	-	-489	-	-970	-	-10,048	-11,018	-0	-1,591
of Acquisition treasury shares	1	-1	0	-0	-152	-302	-46	-0	-500	0	-0
Interest paid	-17	0	-30	-64	-8	-9	-9	-8	-33	-11	-14
Interest paid on leases	-48	-47	-38	-181	-40	-40	-39	-38	-156	-37	-40
Other financing activities	-1	-7	-0	-8	-0	-0	-0	-8	-8	0	-0
flow from financing Net cash activities	-773	-259	-685	-2,483	-373	-1,481	-258	-10,275	-12,387	-235	-1,831
Net increase (decrease) in cash and cash equivalents	727	-163	-1,710	-415	-2,863	1,663	-524	-1,680	-3,404	754	-1,291
Cash and cash equivalents the beginning of the period at	7,102	8,078	7,787	6,170	6,003	3,293	4,857	4,472	6,003	2,860	3,434
Effect of exchange rate changes on cash and cash equivalents	249	-128	-75	248	153	-98	139	67	261	-180	-46
Cash and cash equivalents at the end of the period	8,078	7,787	6,003	6,003	3,293	4,857	4,472	2,860	2,860	3,434	2,097

Balance Sheet – Assets

NOK million

Assets	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025	2Q 2025
Property , plant and equipment	4 246 ,	2 883 ,	3 487 ,	3 830 ,	3 956 ,	4 043 ,	4 053 ,	3 925 ,	3 842 ,
Intangible assets including Goodwill	5 933 ,	3 413 ,	3 563 ,	3 536 ,	3 510 ,	3 514 ,	3 487 ,	3 459 ,	3 430 ,
Right-of-use assets and investment property	2 809 ,	1 904 ,	1 911 ,	1 862 ,	1 832 ,	1 809 ,	1 807 ,	1 725 ,	1 946 ,
Deferred tax assets	605	345	491	317	380	323	225	238	165
Non-current lease receivables	561	501	529	511	461	448	445	404	382
Equity accounted investees	95	99	6 555 ,	6 845 ,	7 090 ,	7 354 ,	7 870 ,	7 342 ,	7 064 ,
Investments in other companies	21	39	19	17	17	17	16	15	2
Interest-bearing receivables	209	211	197	200	204	207	193	196	200
Other non-current assets	61	55	506	425	204	263	187	181	144
Total non-current assets	14 540 ,	9 450 ,	17 258 ,	17 542 ,	17 653 ,	17 977 ,	18 281 ,	17 486 ,	17 175 ,
Current tax assets	88	68	75	73	67	76	106	83	75
Inventories	353	49	44	48	44	44	46	44	45
Trade receivables	6 046 ,	3 271 ,	5 268 ,	5 915 ,	5 442 ,	7 460 ,	6 208 ,	6 885 ,	6 886 ,
Customer contract assets and other receivables	748 5 ,	2 685 ,	2 317 ,	2 526 ,	3 162 ,	3 960 ,	925 4 ,	997 4 ,	539 5 ,
Prepayments	2 601 ,	786	1 214 ,	1 091 ,	1 281 ,	1 192 ,	1 288 ,	1 305 ,	1 431 ,
Derivative financial instruments	565	240	258	388	307	379	105	214	266
Interest-bearing receivables	167	1 160 ,	3 103 ,	3 367 ,	1 562 ,	214	142	137	119
Financial investments	-	-	5 714 ,	9 106 ,	8 717 ,	9 516 ,	2 197 ,	2 219 ,	1 718 ,
Cash and cash equivalents	8 078 ,	7 272 ,	6 003 ,	3 293 ,	4 857 ,	4 472 ,	2 860 ,	3 434 ,	2 097 ,
Assets classified held for sale as	-	14 230 ,	-	-	-	-	-	-	-
Total current assets	23 646 ,	29 760 ,	23 996 ,	25 807 ,	25 439 ,	27 313 ,	17 876 ,	19 316 ,	18 175 ,
Total assets	38 185 ,	39 210 ,	41 253 ,	43 349 ,	43 092 ,	45 290 ,	36 157 ,	36 802 ,	35 351 ,

Balance Sheet – Liabilities and Equity

NOK million
Liabilities and equity	2Q 2023	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025	2Q 2025
Total equity attributable to the parent	10 506 ,	11 187 ,	19 082 ,	20 176 ,	19 379 ,	20 070 ,	11 270 ,	11 286 ,	9 678 ,
Non-controlling interests	-3	-56	-129	-134	-134	-141	-144	-143	-144
Total equity	10 502 ,	11 132 ,	18 953 ,	20 042 ,	19 245 ,	19 928 ,	11 126 ,	11 143 ,	9 534 ,
Non-current borrowings	417	-0	-0	0	0	-0	-0	-0	-0
Non-current lease liabilities	3 792 ,	2 795 ,	2 921 ,	2 869 ,	2 722 ,	2 653 ,	2 637 ,	2 512 ,	2 669 ,
Pension obligations	1 039 ,	1 019 ,	895	875	859	845	945	932	911
Deferred liabilities tax	647	39	140	150	335	394	304	525	505
Other liabilities non-current	36	36	119	127	83	83	-0	0	0
Total liabilities non-current	931 5 ,	3 889 ,	4 074 ,	4 021 ,	3 998 ,	3 975 ,	3 886 ,	3 969 ,	4 085 ,
Current liabilities tax	128	51	62	48	53	44	122	118	114
Current borrowings	6	426	0	-0	-0	-0	0	-0	-0
Current lease liabilities	736	586	619	616	649	709	708	632	626
Provisions	2 389 ,	2 285 ,	3 405 ,	3 536 ,	3 917 ,	3 361 ,	3 690 ,	3 400 ,	3 082 ,
Trade payables	3 463 ,	2 273 ,	2 554 ,	2 767 ,	3 269 ,	3 665 ,	2 769 ,	3 687 ,	4 478 ,
Other payables	10 165 ,	5 008 ,	6 550 ,	6 948 ,	7 395 ,	7 899 ,	9 411 ,	7 337 ,	7 355 ,
Customer liabilities contract	4 443 ,	3 873 ,	4 831 ,	5 129 ,	4 260 ,	5 419 ,	4 428 ,	6 346 ,	6 003 ,
Derivative financial instruments	422	193	204	242	306	290	17	169	74
Liabilities classified held for sale as	-	9 495 ,	-	-	-	-	-	-	-
Total liabilities current	21 752 ,	24 190 ,	18 226 ,	19 286 ,	19 849 ,	21 387 ,	21 146 ,	21 690 ,	21 731 ,
Total liabilities and equity	38 185 ,	39 210 ,	41 253 ,	43 349 ,	43 092 ,	45 290 ,	36 157 ,	36 802 ,	35 351 ,

Split per Segment

NOK million
Revenue	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	5 369 ,	5 576 ,	7 447 ,	22 520 ,	8 003 ,	9 402 ,	9 217 ,	11 469 ,	38 090 ,	10 401 ,	10 757 ,
Life Cycle	3 343 ,	3 249 ,	3 547 ,	13 072 ,	3 031 ,	2 988 ,	3 453 ,	3 776 ,	13 249 ,	3 518 ,	3 898 ,
Net Income from OneSubsea	-	-	172	172	195	185	244	166	789	190	185
Other	215	512	124	1 029 ,	276	277	300	332	1 185 ,	299	335
Eliminations	-47	-235	-224	-531	-23	-26	-30	-34	-113	-18	-21
Revenue	8 881 ,	9 102 ,	11 066 ,	36 262 ,	11 481 ,	12 826 ,	13 184 ,	15 710 ,	53 201 ,	14 389 ,	15 155 ,
EBITDA	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	208	236	361	973	617	887	774	819	3 096 ,	870	829
Life Cycle	164	163	197	686	195	205	244	277	920	234	275
Net Income from OneSubsea	-	-	172	172	195	185	244	166	789	190	185
Other	-179	-205	-179	-664	-40	-70	-57	-70	-237	-91	-32
EBITDA	193	194	551	1 166 ,	967	1 206 ,	1 204 ,	1 191 ,	4 568 ,	1 203 ,	1 257 ,
EBITDA margin	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	3 9%	4 2%	4 9%	4 3%	7 7%	9 4%	8 4%	7 1%	8 1%	8 4%	7 7%
Life Cycle	4 9%	5 0%	5 6%	5 2%	6 4%	6 8%	7 1%	7 3%	6 9%	6 7%	7 0%
EBITDA margin	2 2%	2 1%	0% 5	3 2%	8 4%	9 4%	9 1%	6% 7	8 6%	8 4%	8 3%
EBIT	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	120	149	241	597	449	724	556	583	2 312 ,	615	570
Life Cycle	133	134	166	565	163	170	209	240	782	199	240
from OneSubsea Net Income	-	-	172	172	195	185	244	166	789	190	185
Other	-220	-246	-306	-912	-107	-139	-110	-140	-496	-151	-97
EBIT	33	36	274	422	700	940	900	849	3 388 ,	853	899
EBIT margin	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	2% 2	7% 2	2% 3	7% 2	6% 5	7% 7	0% 6	1% 5	1% 6	9% 5	3% 5
Life Cycle	4 0%	4 1%	4 7%	4 3%	5 4%	5 7%	6 0%	6 4%	5 9%	5 7%	6 2%
EBIT margin	0 4%	0 4%	2 5%	1 2%	6 1%	7 3%	6 8%	5 4%	6 4%	5 9%	5 9%

Split per Segment

NOK million
NCOA	2Q 2023	3Q 2023	4Q 2023		1Q 2024	2Q 2024	3Q 2024	4Q 2024		1Q 2025	2Q 2025
NCOA	753 -5 ,	-6 631 ,	-8 484 ,		-8 774 ,	-8 898 ,	655 -7 ,	848 -7 ,		576 -7 ,	057 -7 ,
Order intake	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	6 716 ,	1 066 ,	11 890 ,	22 523 ,	3 956 ,	8 789 ,	3 001 ,	8 265 ,	24 011 ,	22 390 ,	7 911 ,
Life Cycle	933	3 467 ,	2 554 ,	11 781 ,	2 644 ,	6 595 ,	2 717 ,	2 996 ,	14 951 ,	2 635 ,	2 855 ,
Other and eliminations	240	429	203	999	381	148	296	298	1 123 ,	565	163
Order intake	889 7 ,	4 963 ,	14 646 ,	35 303 ,	6 981 ,	15 532 ,	6 014 ,	11 559 ,	40 085 ,	25 590 ,	10 929 ,
Order backlog	2Q 2023	3Q 2023	4Q 2023		1Q 2024	2Q 2024	3Q 2024	4Q 2024		1Q 2025	2Q 2025
Renewables and Field Development	51 556 ,	46 596 ,	51 405 ,		47 499 ,	46 802 ,	40 602 ,	37 508 ,		49 290 ,	46 418 ,
Life Cycle	21 464 ,	21 630 ,	20 579 ,		20 297 ,	23 814 ,	23 177 ,	22 454 ,		21 421 ,	20 300 ,
Other and eliminations	60	692	696		874	801	882	924		1 352 ,	1 236 ,
Order backlog	73 080 ,	68 918 ,	72 680 ,		68 669 ,	71 417 ,	64 661 ,	60 885 ,		72 063 ,	67 954 ,
Own employees	2Q 2023	3Q 2023	4Q 2023		1Q 2024	2Q 2024	3Q 2024	4Q 2024		1Q 2025	2Q 2025
Renewables and Field Development	5 876 ,	6 037 ,	6 121 ,		6 204 ,	6 364 ,	6 396 ,	6 449 ,		6 488 ,	6 570 ,
Life Cycle	4 224 ,	4 361 ,	4 220 ,		4 015 ,	4 078 ,	4 163 ,	4 134 ,		4 123 ,	4 189 ,
Other	1 119 ,	1 122 ,	1 132 ,		1 137 ,	1 163 ,	1 166 ,	1 194 ,		1 214 ,	1 241 ,
Own employees	11 219 ,	11 520 ,	11 473 ,		11 356 ,	11 605 ,	11 725 ,	11 777 ,		11 825 ,	12 000 ,

Split per Segment – Excluding Special Items

NOK million
EBITDA (excl . special items)	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	208	239	362	979	617	887	774	820	3 097 ,	870	829
Life Cycle	164	163	197	686	195	205	244	277	920	234	275
Net Income from OneSubsea	-	-	172	172	195	185	244	166	789	190	185
Other	-153	-187	-116	-542	-20	-60	-53	-41	-174	-82	-30
(excl items) EBITDA . special	218	214	615	1 295 ,	987	1 216 ,	1 208 ,	1 221 ,	4 632 ,	1 213 ,	1 259 ,
EBITDA margin (excl . special items)	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	3 9%	4 3%	4 9%	4 3%	7% 7	9 4%	8 4%	1% 7	8 1%	8 4%	7% 7
Life Cycle	4 9%	5 0%	5 6%	5 2%	6 4%	6 8%	7 1%	7 3%	6 9%	6 7%	7 0%
(excl items) EBITDA margin . special	5% 2	4% 2	6% 5	6% 3	6% 8	5% 9	2% 9	8% 7	7% 8	4% 8	3% 8
EBIT (excl . special items)	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	119	152	242	603	448	724	557	585	2 315 ,	615	570
Life Cycle	133	134	166	565	163	170	209	240	783	199	240
Net Income from OneSubsea	-	-	172	172	195	185	244	166	789	190	185
Other	-192	-226	-187	-729	-83	-121	-106	-103	-413	-140	-95
EBIT (excl . special items)	60	59	393	611	723	959	904	888	3 474 ,	864	901
EBIT margin (excl . special items)	2Q 2023	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025
Renewables and Field Development	2 2%	2 7%	3 3%	2 7%	5 6%	7 7%	6 0%	5 1%	6 1%	5 9%	5 3%
Life Cycle	0% 4	1% 4	7% 4	3% 4	4% 5	7% 5	6 0%	6 4%	9% 5	7% 5	6 2%
EBIT margin (excl . special items)	0 7%	0 6%	3 6%	1 7%	6 3%	7 5%	6 9%	5 7%	6 5%	6 0%	5 9%

Order Backlog by Market

NOK billion, %

Order backlog by Market	2Q 2025	2Q 2024
Norway	69%	84%
Europe	25%	9%
Americas	2%	4%
Asia Pacific	3%	2%
Africa	1%	2%
Total	100%	100%
(NOK billion) Total backlog	68 0	71 4

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Disclaimer

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