Aker Solutions — Investor Presentation 2025

Oct 31, 2025

3Q 2025

October 31, 2025

Kjetel Digre, CEO Idar Eikrem, CFO

3Q 2025 | Continued High Activity

EBITDA Excluding special items

3Q24 4Q24 1Q25 2Q25 3Q25

8% 8% 9%

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

8%

9%

61.7 NOK BILLION

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6

Financials

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

Operational

• All key milestones met on the Aker BP portfolio
• Official opening of the Ormen Lange Phase 3 project

Outlook and Guidance

• Revenues in 2025 expected to exceed NOK 60 billion
• Adapting to changes in underlying markets

26

10.3 NOK BILLION

3Q 2025 | Operational Highlights

Aker BP Projects Ormen Lange Phase 3 Norfolk HVDC

Jackdaw Jansz-Io Svean Hydropower Plant

3Q 2025 | Tender Activity of About NOK 75 billion

Outlook

• Continued high activity with a solid order backlog
• Focus on predictable project execution
• Adapting to changes in our underlying markets
• Scalable business model to handle changes in activity levels
• Key focus on improvement enabled by digitalization and AI
• Solid financial position with attractive capital allocation
• Net cash position of NOK 2.5 billion
• Ordinary dividend policy with target to distribute 40-60% of adjusted net income to shareholders

Financial Performance

October 31, 2025

Idar Eikrem, CFO

3Q 2025 | Key Figures

NOK million	3Q 2025	3Q 2024	2Q 2025	2024
Total revenue	16 983 ,	13 184 ,	15 155 ,	53 201 ,
Total revenue ex. special items	16,983	13,181	15,157	53,193
Net income from OneSubsea	295	244	185	789
Total revenue excl. special items and Net income from OneSubsea	16,688	12,938	14,972	52,403
EBITDA	1 472 ,	1 204 ,	1 257 ,	4 ,568
items1 EBITDA ex. special	1,490	1,208	1,259	4,632
Net income from OneSubsea	295	244	185	789
items1 from OneSubsea EBITDA excl. special and Net income	1,195	964	1,073	3,843
EBITDA margin	8 .7%	9 1%	8 3%	8 6%
items1 EBITDA margin ex. special	8.8%	9.2%	8.3%	8.7%
items1 from OneSubsea EBITDA margin ex. special and Net income	7.2%	7.5%	7.2%	7.3%
EBIT	1 120	900	899	3 388
items1 EBIT ex. special	, 1,127	904	901	, 3,474
Net income from OneSubsea	295	244	185	789
items1 from OneSubsea EBIT excl. special and Net income	832	660	716	2,684
EBIT margin	6 6%	6 8%	5.9%	6 4%
items1 EBIT margin ex. special	6.6%	6.9%	5.9%	6.5%
items1 from OneSubsea EBIT margin ex. special and Net income	5.0%	5.1%	4.8%	5.1%
items1 (loss) Net income ex. special	863	812	693	3,201
items1 Earnings per share (NOK) ex. special	1.79	1.70	1.46	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 17.0 billion in the quarter
• Quarterly revenues up by 29% compared to same period last year
• High activity across segments and locations
• EBITDA¹ of NOK 1.5 billion (8.8% margin) in the quarter
• Net income from OneSubsea of NOK 295 million
• EBITDA margin excluding net income from OneSubsea of 7.2% in the quarter
• EBIT¹ of NOK 1.1 billion (6.6% margin) in the quarter
• Net Income¹ of NOK 863 million
• EPS¹ for the quarter of NOK 1.79

3Q 2025 | Cash Generation

Financials and Highlights

• Cash flow from operations of NOK 0.4 billion
• Driven by solid operational performance
• NOK 548 million working capital reversal in period
• CAPEX investments of NOK 94 million
• Representing about 0.6% of revenues in the quarter
• Dividends from OneSubsea of NOK 142 million
• Ambition to distribute about USD 280 million to shareholders in 2025, representing NOK 550-600 million for Aker Solutions
• Negative effect from exchange rates of NOK 30 million

3Q 2025 | Renewables and Field Development

Financials and Highlights

• Revenue of NOK 12.5 billion in quarter
• 36% increase compared to same period last year
• EBITDA of NOK 1.0 billion (8.0% 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
• Healthy margins on second-generation renewables projects
• Order intake of NOK 7.1 billion (0.6x book-to-bill) in quarter
• Driven by growth in existing projects and continued high activity within early phase studies
• Order backlog of NOK 41.0 billion
• Majority related to projects in the well-proven alliance model with Aker BP
• Revenues expected to be around NOK 45 billion in 2025

3Q 2025 | Life Cycle

Financials and Highlights

• Revenue of NOK 3.8 billion in quarter
• 10% increase from same period last year
• EBITDA of NOK 275 million (7.2% margin) in quarter
• Continued solid performance on ongoing projects and multi-year frame agreements
• Order intake of NOK 2.6 billion (0.7x book-to-bill)
• Fram Sør tie-in to the Troll C platform modification project for Equinor
• Order backlog of NOK 19.1 billion
• Several large frame agreements up for renewal in 2025 and 2026
• Revenue in 2025 expected to be around NOK 15 billion
• Predictable revenue profile over time, driven by large multi-year frame agreements for Maintenance and Modification

3Q 2025 | SLB OneSubsea

Financials and Highlights

• Revenue¹ of NOK 9.9 billion in quarter
• Year-to-date revenues of NOK 30.3 billion
• EBITDA1,2 of NOK 1.8 billion in the quarter
• Representing an EBITDA margin of 18.4% in the quarter
• Year-to-date EBITDA margin of 19.9%
• Net Income before PPA1,3 of NOK 1.1 billion
• Aker Solutions has recognized NOK 295 million in the quarter
• This includes a catch-up effect of NOK 95 million from our 2Q reporting
• Aker Solutions has recognized NOK 670 million year-to-date in 2025
• Order backlog⁴ of NOK 47.3 billion
• Awarded all-electric subsea production system contract for Fram Sør by Equinor
• Well positioned in the growing subsea market
• Strong financial position and attractive dividend policy
• Solid net cash position of more than USD 400 million
• On target to distribute dividends of about USD 280 million in 2025 to its shareholders
• Policy to distribute all surplus cash as dividend to shareholders

• ² EBITDA excluding special items, US GAAP
• Third-quarter results 2024 ³ Net Income before Purchase Price Allocation (PPA) adjustments
• ⁴ Using exchange rate from September 30, 2025 of USD/NOK 10.0

Summary

• Increased revenues in the quarter compared to same period last year
• Solid backlog of NOK 62 billion, key focus on delivering predictable project execution
• Key milestones met on the Aker BP portfolio
• Commercial discussions on legacy lump sum projects ongoing
• Scalable business model to handle changes in activity levels
• Solid financial position and attractive dividend policy

Outlook

• Revenues in 2025 expected to exceed NOK 60 billion with EBITDA margins between 7.0% and 7.5% excluding net income from SLB OneSubsea
• At this early stage, we expect revenues in 2026 to come down to a level of about NOK 45 billion
• SLB OneSubsea to distribute dividends of about USD 280 million in 2025
• CAPEX is expected to be around 1.0% of revenues
• Working Capital is expected to normalize over time to a level of between negative NOK 4 and 6 billion over time

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.

Additional Information

October 31, 2025

3Q 2025 | Order Intake and Backlog

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

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.)
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	2026
Jackdaw WHP	Shell	2022	2026
Sunrise Wind HVDC	Ørsted & Eversource	2021	2026
East Anglia 3 HVDC	ScottishPower	2022	2026
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	2028
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
Fram Sør tie-in to Troll C	Equinor	2025	2030

(FA = frame agreement)

(Disclaimer: the tables show the estimated timing of a selection of large projects in Aker Solutions' backlog per 3Q 2025. This information is unaudited and subject to change)

Renewables and Transitional Energy Solutions

NOK million

Revenue	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Total revenue (excl. special items)	9,114	11,021	36,107	11,477	12,827	13,181	15,708	53,193	14,393	15,157	16,983
Renewables and Transitional Energy Solutions	1,585	1,736	6,744	1,856	2,071	2,737	3,155	9,820	2,710	3,297	3,190
Renewables and Transitional Energy Solutions (%)	17%	16%	19%	16%	16%	21%	20%	18%	19%	22%	19%
Order intake	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Total order intake	4,963	14,646	35,303	6,981	15,532	6,014	11,559	40,085	25,590	10,929	10,324
Renewables and Transitional Energy Solutions	717	5,227	9,810	285	3,805	1,099	1,279	6,468	21,313	2,982	1,587
Renewables and Transitional Energy Solutions (%)	14%	36%	28%	4%	24%	18%	11%	16%	83%	27%	15%
Order backlog	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Total order backlog	68,918	72,680	72,680	68,669	71,417	64,661	60,885	60,885	72,063	67,954	61,743
Renewables and Transitional Energy Solutions	10,227	13,718	13,718	12,147	13,881	12,243	10,367	10,367	28,970	28,655	27,052
Renewables and Transitional Energy Solutions (%)	15%	19%	19%	18%	19%	19%	17%	17%	40%	42%	44%

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 2024 have been used when preparing this presentation. The presentation 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.

	Renevables and Field Development		Life Cycle		Other/ Eliminations		Aker Solutions
NOK million					3Q 2025 3Q 2024 3Q 2025 3Q 2024 3Q 2025 3Q 2024 3Q 2025 3Q 2024
Revenue	12,517	9,217	3,796	3,453	374		269 16,687 12,940
Net profit equity accounted investees	-	-0	-	-	296	245	296	245
Non-qualifying hedges	-	-	-	-	-1	-3	-1	-3
Sum of special items excluded from revenue	-	-	-	-	-1	-3	-1	-3
Total revenue and other income ex. special items	12,517	9,217	3,796	3,453	669		511 16,983 13,181
EBITDA	996	774	273	244	203	187	1,472	1,204
Restructuring cost	11	-	2	0	0	1	14	1
Non-qualifying hedges	-	-	-	-	3	-3	3	-3
Other special items	-	-	-	-	1	6	1	6
Sum of special items excluded from EBITDA	11	-	2	0	4	4	18	4
EBITDA ex. special items	1,008	774	275	244	207	191	1,490	1,208
EBITDA margin	8.0%	8.4%	7.2%	7.1%			8.7%	9.1%
EBITDA margin ex. special items	8.0%	8.4%	7.2%	7.1%			8.8%	9.2%
EBIT	729	556	237	209	154	134	1,120	900
Sum of special items excluded from EBITDA	11	-	2	0	4	4	18	4
Impairments	-	0	-	-	-11	0	-11	1
Sum of special items excluded from EBIT	11	0	2	0	-7	4	7	4
EBIT ex. special items	741	557	239	209	147	138	1,127	904
EBIT margin	5.8%	6.0%	6.2%	6.0%			6.6%	6.8%
EBIT margin ex. special items	5.9%	6.0%	6.3%	6.0%			6.6%	6.9%
Net income (loss)							871	562
Sum of special items excluded from EBIT							7	4
Financial items1							-17	312
Non-qualifying hedges							-0	3
Tax effects on special items							2	-69
Net income ex. special items							863	812
Net income to non-controlling interests							1	8
Net income ex. special items and non-controlling interests							864	820
Average number of shares (in '000)							481,823 483,001
Earnings per share2							1.81	1.18

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 noncontrolling 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	2025	2024
Cash and cash equivalents	2 496 ,	4 472 ,
Credit	3	3
facility	000	000
(unused)	,	,
Liquidity buffer	5 496 ,	7 472 ,

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 2025	3Q 2024
Current tax assets	60	76
Inventory	48	44
Customer and other receivables contract assets	5 320 ,	3 960 ,
Trade receivables	7 748 ,	7 460 ,
Prepayments	1 418 ,	1 192 ,
Current liabilities tax	-125	-44
Provisions	-2 984 ,	-3 361 ,
Trade payables	672 -4 ,	-3 665 ,
Other payables	-7 385 ,	-7 899 ,
Customer contract liabilities	-5 939 ,	-5 419 ,
Net current operating assets (NCOA)	-6 509 ,	-7 655 ,

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	3Q 2025	3Q 2024
Non-current borrowings	-0	-0
Current borrowings	-0	-0
Cash and cash equivalents	-2 496 ,	-4 472 ,
Net interest-bearing debt	-2 496 ,	-4 472 ,
Trailing quarters: EBITDA IFRS 16 effects excl lease cost . onerous	5 123 , 611	3 928 , 576
EBITDA excl IFRS 16 effects and lease cost onerous	4 512 ,	3 352 ,
Restructuring cost	22	22
Non-qualifying hedges	11	-5
Adjusted EBITDA	4 545 ,	3 370 ,
Net interest-bearing debt to EBITDA (leverage ratio)	-0 5x	-1 3x

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 bookand-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		3Q 2025		3Q 2024
		Revenue			Revenue
	Order intake	from customer	Book-to-bill	Order intake	from customer	Book-to-bill
		contracts			contracts
Renewables and Field Development	7 096 ,	12 517 ,	0 6x	3 001 ,	9 217 ,	0 3x
Life Cycle	2 588 ,	3 796 ,	0 7x	2 717 ,	3 453 ,	0 8x
Other/eliminations	641	245		296	219
Revenues	10,324	16,558	0.6x	6,014	12,889	0.5x

Special Items

NOK million

Special items (EBITDA)	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Restructuring	3	19	24	0	3	1	5	9	1	2	14
Non-qualifying hedges	3	-0	17	-2	0	-3	1	-3	5	2	3
Other special items	15	46	87	22	7	6	24	58	4	-3	1
Total special items EBITDA	21	64	128	20	10	4	30	63	10	2	18
Impairments	2	55	60	4	9	1	8	22	1	-0	-11
Total special items EBIT	23	119	189	23	19	4	39	85	11	2	7
items1 Financial	54	337	455	-285	405	312	169	601	-22	501	-17
Non-qualifying hedges	29	2	-34	-0	-0	3	-3	0	-7	-3	-0
Tax effects special items on	-20	-98	-125	58	-93	-69	-46	-150	4	-110	2
Total special items income net	86	361	484	-204	330	250	160	536	-14	390	-8

¹Financial items include shares in SLB and related currency derivatives

Income Statement

NOK million

Income statement consolidated	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Revenue	9 094 ,	10 870 ,	36 057 ,	11 273 ,	12 661 ,	12 940 ,	15 ,537	52 ,410	14 197 ,	14 967 ,	16 687 ,
Net profit equity accounted investees	8	197	205	207	166	245	173	790	191	188	296
Total revenue and other income	9 102 ,	11 066 ,	36 262 ,	11 ,481	12 826 ,	13 184 ,	15 ,710	53 201 ,	14 389 ,	15 155 ,	16 983 ,
Operating expenses	-8 908 ,	-10 ,515	-35 096 ,	-10 ,514	-11 620 ,	-11 980 ,	-14 ,519	-48 632 ,	-13 186 ,	-13 898 ,	-15 ,512
EBITDA	194	551	1,166	967	1,206	1,204	1,191	4,568	1,203	1,257	1,472
Of which related to hedging	-3	0	-17	2	-0	3	-1	3	-5	-2	-3
Depreciation and amortization	-155	-222	-670	-264	-258	-304	-333	-1 158 ,	-348	-358	-363
Impairment	-2	-55	-74	-4	-9	-1	-8	-22	-1	0	11
EBIT	36	274	422	700	940	900	849	3,388	853	899	1,120
Net interest	42	104	126	83	49	22	-9	145	-8	-30	-33
Net other financial items	-109	-391	-453	341	-321	-210	6	-184	-5	-490	-7
Net financial items	-68	-288	-328	423	-272	-188	-3	-39	-14	-520	-40
Net income (loss) before tax	-32	-14	95	1,123	668	712	846	3,349	840	380	1,080
Income tax	-56	37	-110	-229	-136	-150	-169	-684	-186	-77	-209
Net income (loss) from continuing operations	-88	23	-15	894	532	562	677	2,665	654	303	871
Net income from discontinued operations	965	9 695 ,	11 ,540	-	-	-	-	-	-	-	-
from Net income total operations	877	9,719	11,525	894	532	562	677	2,665	654	303	871
Equity holders of the parent company	920	9 802 ,	11 637 ,	890	535	570	661	2 656 ,	664	311	872
Non-controlling interests	-43	-83	-112	4	-3	-8	16	9	-10	-8	-1
EBITDA margin	2 1%	5.0%	3 2%	8 .4%	9 .4%	9 1%	7.6%	8 6%	8 .4%	8 3%	8 .7%
Basic earnings per share from continuing operations (NOK)	-0 09	0 22	0 20	1 82	1 10	1 18	1 37	5.51	1 38	0 65	1 81
Basic earnings per share from discontinued operations (NOK)	1 98	19 83	23 61	-	-	-	-	-	-	-	-
Basic earnings per share from total operations (NOK)	1 88	20 05	23 81	1 82	1 10	1 18	1 37	5.51	1 38	0 65	1 81
(NOK) Dividend per share	-	-	2 00	-	-	-	-	3 30	-	-	-
Extraordinary dividend per share (NOK)				-		21 00					-

Cash Flow

NOK million

Cash flow	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
EBITDA continuing operations	194	551	1,166	967	1,206	1,204	1,191	4,568	1,203	1,257	1,472
EBITDA discontinued operations	1,225	0	2,772	-	-	-	-	-	-	-	-
Change in cash flow from operating activities	434	317	2,278	52	217	-1,723	-7	-1,461	-364	-856	-1,045
flow from Net cash operating activities	1,853	868	6,216	1,019	1,423	-519	1,184	3,107	839	401	427
Acquisition of property, plant and equipment	-624	-579	-1,833	-567	-399	-242	-187	-1,396	-85	-128	-84
Payments for capitalized development	-288	-20	-388	-16	-14	-12	-9	-51	-10	-7	-9
of of Acquisition subsidiaries, net cash acquired	0	-0	-13	-	-44	-29	7	-66	-	-1	-26
Disposal of subsidiaries	-0	621	621	0	1,943	1,344	5	3,292	-	-	-0
Change in interest-bearing receivables current	-	-106	-106	-	58	0	-0	58	-	-	-
Change in current investments	-1,001	-1,999	-3,000	-3,000	-0	-1,000	7,326	3,326	-	-0	0
Sub-lease income received	31	27	119	30	30	27	35	122	23	38	32
Interest received	108	107	368	71	136	133	68	408	42	26	27
Interest received on sub-leases	6	10	27	7	8	-2	14	27	5	5	2
Dividends received from OneSubsea	-	-	-	-	-	-	77	77	152	145	142
Cash flow from other investing activities	10	45	58	-33	4	32	78	80	23	61	156
flow from Net cash investing activities	-1,758	-1,893	-4,147	-3,509	1,721	252	7,412	5,876	150	140	239
Change in external borrowings	-	-437	-967	-	-	-	-	-	-	-	-0
Lease installments paid	-204	-180	-774	-173	-160	-164	-174	-671	-186	-186	-183
Paid dividends	-	-	-489	-	-970	-	-10,048	-11,018	-0	-1,591	0
Acquisition of shares treasury	0	0	-0	-152	-302	-46	0	-501	0	-0	0
Interest paid	0	-30	-64	-8	-9	-9	-8	-33	-11	-14	-14
Interest paid on leases	-47	-38	-181	-40	-40	-39	-38	-156	-37	-40	-40
Other financing activities	-8	-0	-8	-0	-0	-0	-8	-8	0	-0	0
Net cash flow from financing activities	-259	-685	-2,483	-373	-1,481	-258	-10,275	-12,387	-235	-1,831	-237
Net increase (decrease) in cash and cash equivalents	-163	-1,710	-415	-2,863	1,663	-524	-1,680	-3,404	754	-1,291	429
Cash and cash equivalents the beginning of the period at	8,078	7,787	6,170	6,003	3,293	4,857	4,472	6,003	2,860	3,434	2,097
Effect of exchange rate changes on cash and cash equivalents	-128	-75	248	153	-98	139	67	261	-180	-46	-30
Cash and cash equivalents at the end of the period	7,787	6,003	6,003	3,293	4,857	4,472	2,860	2,860	3,434	2,097	2,496

Balance Sheet – Assets

NOK million

Assets	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025	2Q 2025	3Q 2025
Property , plant and equipment	2 883 ,	3 487 ,	3 830 ,	3 956 ,	4 043 ,	4 053 ,	3 925 ,	3 842 ,	3 720 ,
Goodwill Intangible assets including	3 413 ,	3 563 ,	3 536 ,	3 510 ,	3 514 ,	3 487 ,	3 459 ,	3 430 ,	3 428 ,
Right-of-use assets and investment property	1 904 ,	1 911 ,	1 862 ,	1 832 ,	1 809 ,	1 807 ,	1 725 ,	1 946 ,	1 958 ,
Deferred tax assets	345	491	317	380	323	225	238	165	150
Non-current lease receivables	501	529	511	461	448	445	404	382	238
Equity accounted investees	99	6 555 ,	6 845 ,	090 7 ,	354 7 ,	870 7 ,	342 7 ,	064 7 ,	251 7 ,
Investments in other companies	39	19	17	17	17	16	15	2	2
Interest-bearing receivables	211	197	200	204	207	193	196	200	203
Other non-current assets	55	506	425	204	263	187	181	144	142
Total non-current assets	9 450 ,	17 258 ,	17 542 ,	17 653 ,	17 977 ,	18 281 ,	17 486 ,	17 175 ,	17 092 ,
Current tax assets	68	75	73	67	76	106	83	75	60
Inventories	49	44	48	44	44	46	44	45	48
Trade receivables	3 271 ,	268 5 ,	915 5 ,	442 5 ,	460 7 ,	6 208 ,	6 885 ,	6 886 ,	748 7 ,
Customer and other receivables contract assets	2 685 ,	2 317 ,	2 526 ,	3 162 ,	3 960 ,	4 925 ,	4 997 ,	539 5 ,	320 5 ,
Prepayments	786	1 214 ,	1 091 ,	1 281 ,	1 192 ,	1 288 ,	1 305 ,	1 431 ,	1 418 ,
Derivative financial instruments	240	258	388	307	379	105	214	266	144
Interest-bearing receivables	1 160 ,	3 103 ,	3 367 ,	1 562 ,	214	142	137	119	81
Financial investments	-	5 714 ,	9 106 ,	8 717 ,	9 516 ,	2 197 ,	2 219 ,	1 718 ,	1 735 ,
Cash and cash equivalents	7 272 ,	6 003 ,	3 293 ,	4 857 ,	4 472 ,	2 860 ,	3 434 ,	2 097 ,	2 496 ,
classified for Assets held sale as	14 230 ,	-	-	-	-	-	-	-	-
Total current assets	29 760 ,	23 996 ,	25 807 ,	25 439 ,	27 313 ,	17 876 ,	19 316 ,	18 175 ,	19 050 ,
Total assets	39 210 ,	41 253 ,	43 349 ,	43 092 ,	45 290 ,	36 157 ,	36 802 ,	35 351 ,	36 143 ,

Balance Sheet – Liabilities and Equity

NOK million

Liabilities and equity	3Q 2023	4Q 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025	2Q 2025	3Q 2025
Total equity attributable the to parent	11 187 ,	19 082 ,	20 176 ,	19 379 ,	20 070 ,	11 270 ,	11 286 ,	9 678 ,	10 540 ,
Non-controlling interests	-56	-129	-134	-134	-141	-144	-143	-144	-147
Total equity	11 132 ,	18 953 ,	20 042 ,	19 245 ,	19 928 ,	11 126 ,	11 143 ,	9 534 ,	10 393 ,
Non-current lease liabilities	2 795 ,	2 921 ,	2 869 ,	2 722 ,	2 653 ,	2 637 ,	2 512 ,	2 669 ,	2 499 ,
Pension obligations	1 019 ,	895	875	859	845	945	932	911	894
Deferred liabilities tax	39	140	150	335	394	304	525	505	634
Other liabilities non-current	36	119	127	83	83	-0	0	0	-0
Total liabilities non-current	3 889 ,	4 074 ,	4 021 ,	3 998 ,	3 975 ,	3 886 ,	3 969 ,	4 085 ,	4 027 ,
Current tax liabilities	51	62	48	53	44	122	118	114	125
Current borrowings	426	0	-0	-0	-0	0	-0	-0	-0
Current lease liabilities	586	619	616	649	709	708	632	626	571
Provisions	2 285 ,	3 405 ,	3 536 ,	3 917 ,	3 361 ,	3 690 ,	3 400 ,	3 082 ,	2 984 ,
Trade payables	2 273 ,	2 554 ,	2 767 ,	3 269 ,	3 665 ,	2 769 ,	3 687 ,	478 4 ,	516 4 ,
Other payables	008 5 ,	6 550 ,	6 948 ,	395 7 ,	899 7 ,	9 411 ,	337 7 ,	355 7 ,	541 7 ,
Customer liabilities contract	3 873 ,	4 831 ,	129 5 ,	4 260 ,	419 5 ,	4 428 ,	6 346 ,	6 003 ,	939 5 ,
Derivative financial instruments	193	204	242	306	290	17	169	74	47
Liabilities classified held for sale as	9 495 ,	-	-	-	-	-	-	-	-
Total liabilities current	24 190 ,	18 226 ,	19 286 ,	19 849 ,	21 387 ,	21 146 ,	21 690 ,	21 731 ,	21 722 ,
Total liabilities and equity	39 210 ,	41 253 ,	43 349 ,	43 092 ,	45 290 ,	36 157 ,	36 802 ,	35 351 ,	36 143 ,

Split per Segment

NOK		million
-----	--	---------	--	--

Revenue	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	5 576 ,	7 447 ,	22 520 ,	8 003 ,	9 402 ,	9 217 ,	11 469 ,	38 090 ,	10 401 ,	10 757 ,	12 517 ,
Life Cycle	3 249 ,	3 547 ,	13 072 ,	3 031 ,	2 988 ,	3 453 ,	3 776 ,	13 249 ,	3 518 ,	3 898 ,	3 796 ,
Net Income from OneSubsea	-	172	172	195	185	244	166	789	190	185	295
Other	512	124	1 029 ,	276	277	300	332	1 185 ,	299	335	400
Eliminations	-235	-224	-531	-23	-26	-30	-34	-113	-18	-21	-24
Revenue	9 102 ,	11 066 ,	36 262 ,	11 481 ,	12 826 ,	13 184 ,	15 710 ,	53 201 ,	14 389 ,	15 155 ,	16 983 ,
EBITDA	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	236	361	973	617	887	774	819	3 096	870	829	996
Life Cycle	163	197	686	195	205	244	277	, 920	234	275	273
Net Income from OneSubsea	-	172	172	195	185	244	166	789	190	185	295
Other	-205	-179	-664	-40	-70	-57	-70	-237	-91	-32	-92
EBITDA	194	551	1 166 ,	967	1 206 ,	1 204 ,	1 191 ,	4 568 ,	1 203 ,	1 257 ,	1 472 ,
EBITDA margin	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	4 2%	4 9%	4 3%	7% 7	9 4%	8 4%	1% 7	8 1%	8 4%	7% 7	8 0%
Life Cycle	5 0%	5 6%	5 2%	6 4%	6 8%	7 1%	7 3%	6 9%	6 7%	7 0%	7 2%
EBITDA margin	1% 2	0% 5	2% 3	4% 8	4% 9	1% 9	6% 7	6% 8	4% 8	3% 8	7% 8
EBIT	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	149	241	597	449	724	556	583	2 312	615	570	729
Life Cycle	134	166	565	163	170	209	240	, 782	199	240	237
Net Income from OneSubsea	-	172	172	195	185	244	166	789	190	185	295
Other	-246	-306	-912	-107	-139	-110	-140	-496	-151	-97	-140
EBIT	36	274	422	700	940	900	849	3 388 ,	853	899	1 120 ,
EBIT margin	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	2 7%	3 2%	2 7%	5 6%	7 7%	6 0%	5 1%	6 1%	5 9%	5 3%	5 8%
Life Cycle	4 1%	4 7%	4 3%	4% 5	7% 5	6 0%	6 4%	9% 5	7% 5	6 2%	6 2%

Split per Segment

NOK	million

NCOA	3Q 2023	4Q 2023		1Q 2024	2Q 2024	3Q 2024	4Q 2024		1Q 2025	2Q 2025	3Q 2025
NCOA	-6 631 ,	-8 484 ,		-8 ,774	-8 898 ,	-7,655	-7,848		-7,576	-7,057	-6 ,509
Order intake	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	1 066	11 890	22 523	3 956	8 789	3 001	8 265	24 011	22 390	7 911	7 096
Life Cycle	, 3 467	, 2 554	, 11 781	, 2 644	, 6 595	, 2 717	, 2 996	, 14 951	, 2 635	, 2 855	, 2 588
Other and eliminations	, 429	, 203	, 999	, 381	, 148	, 296	, 298	, 1 123 ,	, 565	, 163	, 641
Order intake	4 963 ,	14 646 ,	35 303 ,	6 981 ,	15 ,532	6 014 ,	11 ,559	40 085 ,	25 ,590	10 929 ,	10 324 ,
Order backlog	3Q 2023	4Q 2023		1Q 2024	2Q 2024	3Q 2024	4Q 2024		1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	46 596 ,	51 405 ,		47 499 ,	46 802 ,	40 602 ,	37 508 ,		49 290 ,	46 418 ,	40 998 ,
Life Cycle	21 630 ,	20 579 ,		20 297 ,	23 814 ,	23 177 ,	22 454 ,		21 421 ,	20 300 ,	19 103 ,
Other and eliminations	692	696		874	801	882	924		1 352 ,	1 236 ,	1 643 ,
Order backlog	68 918 ,	72 680 ,		68 669 ,	71 417 ,	64 661 ,	60 885 ,		72 063 ,	67 954 ,	61 ,743
Own employees	3Q 2023	4Q 2023		1Q 2024	2Q 2024	3Q 2024	4Q 2024		1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	6 037	6 121		6 204	6 364	6 396	6 449		6 488	6 570	6 567
Life Cycle	, 361 4 ,	, 220 4 ,		, 015 4 ,	, 078 4 ,	, 163 4 ,	, 134 4 ,		, 123 4 ,	, 189 4 ,	, 155 4 ,
Other	1 122 ,	1 132 ,		1 137 ,	1 163 ,	1 166 ,	1 194 ,		1 214 ,	1 241 ,	1 246 ,
Own employees	11 ,520	11 473 ,		11 356 ,	11 605 ,	11 ,725	11 ,777		11 825 ,	12 000 ,	11 968 ,

Split per Segment – Excluding Special Items

		NOK	million
--	--	-----	---------	--	--	--

EBITDA (excl . special items)	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	239	362	979	617	887	774	820	3 097 ,	870	829	1 008 ,
Life Cycle	163	197	686	195	205	244	277	920	234	275	275
Net Income from OneSubsea	-	172	172	195	185	244	166	789	190	185	295
Other	-187	-116	-542	-20	-60	-53	-41	-174	-82	-30	-87
EBITDA (excl . special items)	214	615	1 295 ,	987	1 216 ,	1 208 ,	1 221 ,	4 632 ,	1 213 ,	1 259 ,	1 490 ,
EBITDA margin (excl . special items)	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	4 3%	4 9%	4 3%	7 7%	9 4%	8 4%	7 1%	8 1%	8 4%	7 7%	8 0%
Life Cycle	5 0%	5 6%	5 2%	6 4%	6 8%	7 1%	7 3%	6 9%	6 7%	7 0%	7 2%
(excl items) EBITDA margin . special	4% 2	6% 5	6% 3	6% 8	5% 9	2% 9	8% 7	7% 8	4% 8	3% 8	8% 8
EBIT (excl . special items)	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	152	242	603	448	724	557	585	2 315 ,	615	570	741
Life Cycle	134	166	565	163	170	209	240	783	199	240	239
Net Income from OneSubsea	-	172	172	195	185	244	166	789	190	185	295
Other	-226	-187	-729	-83	-121	-106	-103	-413	-140	-95	-147
EBIT (excl . special items)	59	393	611	723	959	904	888	3 474 ,	864	901	1 127 ,
EBIT margin (excl . special items)	3Q 2023	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Renewables and Field Development	2 7%	3 3%	2 7%	5 6%	7 7%	6 0%	5 1%	6 1%	5 9%	5 3%	5 9%
Life Cycle	4 1%	4 7%	4 3%	5 4%	5 7%	6 0%	6 4%	5 9%	5 7%	6 2%	6 3%
(excl items) EBIT margin . special	6% 0	6% 3	7% 1	3% 6	5% 7	9% 6	7% 5	5% 6	0% 6	9% 5	6% 6

Order Backlog by Market

NOK billion, %

Order backlog by Market	3Q 2025	3Q 2024
Norway	69%	86%
Europe	26%	8%
Americas	1%	3%
Pacific Asia	3%	2%
Africa	1%	2%
Total	100%	100%
(NOK billion) Total backlog	61 7	64 7

3Q 2025 | SLB OneSubsea (US GAAP)

USD million

Income statement	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Revenue	1 021 ,	1 021 ,	930	1 018 ,	1 002 ,	947	3 897 ,	934	939	946
items1 EBITDA excl . special	194	194	164	198	184	164	710	191	195	174
EBITDA excl . special items margin	19 0%	19 0%	17 7%	19 4%	18 4%	17 4%	18 2%	20 4%	20 8%	18 4%
items2 EBIT excl . special	178	178	146	179	158	142	626	170	174	152
EBIT excl . special items margin	17 4%	17 4%	15 7%	17 6%	15 8%	14 9%	16 1%	18 2%	18 5%	16 1%
PPA3 Net income before	98	98	98	112	103	84	396	102	136	108
Total net income attributable to Aker Solutions	80	80	97	102	94	75	367	93	127	99
Order intake	672	672	411	1 025 ,	1 103 ,	1 182 ,	3 721 ,	743	923	1 100 ,
Order backlog	4 974 ,	4 974 ,	4 299 ,	4 287 ,	4 383 ,	4 516 ,	4 516 ,	4 504 ,	4 629 ,	4 720 ,

USD million

Cash flow	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
Cash flow from operations	179	179	96	134	185	185	600	6	56	101
Cash and cash equivalents the end of the period at	595	595	660	549	487	599	599	527	474	484

USD million

Balance sheet	4Q 2023	FY 2023	1Q 2024	2Q 2024	3Q 2024	4Q 2024	FY 2024	1Q 2025	2Q 2025	3Q 2025
4 Net assets	2 903 ,	2 903 ,	2 952 ,	3 024 ,	3 071 ,	3 071 ,	3 071 ,	3 082 ,	3 147 ,	3 166 ,
Working capital	-16	-16	-11	-30	34	-51	-51	55	156	189
Net cash (debt)	91	91	156	298	421	535	535	464	426	439

¹Excluding integration cost and restructuring

⁴ Net assets excluding PPA adjustment for Aker Solutions

² Excluding PPA related depreciation and integration cost

³ Excluding PPA related to depreciation and taxes

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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.

Aker Solutions consists of many legally independent entities, constituting their own separate identities. Aker Solutions is used as the common brand or trade mark for most of these entities. In this presentation we may sometimes use "Aker Solutions", "we" or "us" when we refer to Aker Solutions companies in general or where no useful purpose is served by identifying any particular Aker Solutions company.