Aker Solutions Stock

Good morning, and welcome to Aker Solutions presentation of our second quarter and half year results. My name is Preben Ørbeck, and I'm the Head of Investor Relations. With me today is our CEO, Kjetel Digre; and our CFO, Idar Eikrem. They will take you through the main developments of the quarter and the first half of 2026.

After the presentation, we have time for questions. Those of you who are following the webcast can submit your questions via the online platform.

And with that, I give the floor to Kjetel Digre.

Thank you, Preben, and welcome to everyone tuning in this morning. As always, let me start the presentation with the main messages for today. First and foremost, I'm pleased to see that we continue to deliver solid financial results following the peak activity period in 2025. The second quarter revenue was NOK 13.1 billion with an EBITDA margin of 9.2% or 7.9% excluding net profit from SLB OneSubsea. Strong results over time also means we can serve our shareholders well. During the second quarter, we paid cash dividends of NOK 4.2 billion or NOK 8.6 per share.

Operationally, we have made good progress on our project portfolio, meeting key milestones in the Aker BP projects. On the tender side, we secured another long-term frame agreement for our life cycle segment this time with Cenovus in Canada. We're also maturing opportunities across other industry verticals, such as carbon capture and storage, hydropower and small modular reactors. Finally, we are revising our guidance for the full year. We now expect revenue to be between NOK 50 billion and NOK 55 billion with EBITDA margins of around 7.5%, excluding net profit from SLB OneSubsea. And as you know, SLB OneSubsea is an important contributor to value creation in Aker Solutions. We expect dividends from SLB OneSubsea to increase in the second half of 2026 supporting full year distributions broadly in line with 2025 levels.

Next, let me go deeper into some of the operational highlights of the quarter. A natural place to start is the Aker BP portfolio. We are currently in the final period of assembly at Stord for the 2 large topsides, Hugin A and Valhall PWP. Both the smaller platform topsides Hugin B and Fenris have now left our yard in Verdal for the offshore installation and commissioning phase. The same yard has also delivered all 4 substructures for the Aker BP portfolio. In total, more than 3,500 man years have been involved in these projects at Verdal. This includes 130 apprentices something we are particularly proud of as they represent the future of our industry.

Another project I'd like to highlight is the Skarv Satellites. This project comprises 3 separate subsea fields that will be tied back to the Skarv FPSO. SLB OneSubsea has delivered the subsea production systems for these developments while our responsibility has been to modify the FPSO to enable the tiebacks. Supported by strong offshore performance, the projects are on track to deliver first-gas in the second half of 2026.

Now I think an important part of the story is not just what we deliver, but how. Because together with Aker BP and the other alliance partners, we set out to radically change how to deliver a capital project. And the achievements in these projects are proof that we are doing just that. The drive for change is also highly relevant in our life cycle segment. where we continued on our winning streak in the second quarter with the award of the 5-year frame agreement with Cenovus Energy in Canada. The scope includes engineering, maintenance and operations support for the new West White Rose platform as well as the SeaRose FPSO.

With this award, we have successfully renewed all 5 frame agreements that we have tendered for over the past 12 months. And not only have we won but our scope has increased and we are now taking responsibility for several new assets, both onshore and offshore.

So what is the winning ingredient? When you break it down, I believe it's the combination of our deep technical expertise, our cultural collaboration as well as our improvement mindset that sets us apart. In Aker Solutions, we focus on developing next-level solutions. And this is next level life cycle, where our ambition is clear, a 50% improvement in cost and delivery times.

So how do we achieve it? We do it through 3 main levers: co-creation, increased efficiency and reducing costs. Firstly, for us, co-creation means making an early impact. We start early and work closer with our customers to shape better concepts from the beginning. We simplify the solutions, define the right level of standardization and reduce complexity before the project enters execution. This has a significant impact further down the line.

Next, we increase efficiency in execution. We challenge requirements, digitalize and automate our processes and adopt more agile ways of working, supported by artificial intelligence. And lastly, we reduce costs. We remove what does not add value, standardize how and what we buy and we reuse solutions that work rather than reinventing the wheel. At the same time, we leverage new technology to improve information flow and enable more remote and autonomous operations. All of this is not about doing more. It's about doing things smarter, simpler and together and proving the value for our customers every step of the way.

Next, I wanted to say a few words about how we are maturing the different versions of ourselves in other industry verticals. Carbon capture and storage is a market where Aker Solutions have been present since the early 1990s. Norway is one of the front runners in this market, supporting the development of a complete CCS value chain through the Longship project.

Here, Aker Solutions has been the main contractor for delivering both the carbon capture facility at Heidelberg Cement plant in Brevik, and the Northern Lights storage facility on the West Coast of Norway. Now we are executing the second generation of CCS projects in Norway. And in the second quarter, we celebrated the construction start twice at Stord. One was for the modules to the carbon capture and storage project at Hafslund Celsio waste-to-energy plant in Oslo. And the other for the capacity expansion of the Northern Lights storage terminal. We believe the market outlook for CCS is positive, and we are positioning for several upcoming opportunities in different geographies through ongoing tenders, early phase studies and strategic alliances.

Another example is hydropower. Hydropower is the backbone of the energy system in Norway, representing about 90% of electricity supply. And its importance is growing both due to rising energy demand and role in balancing variable energy sources such as wind and solar. Now hydropower is not something new to Aker Solutions. In fact, we trace our history in this market back to the 1850s where the Norwegian hydropower competence was developed by our predecessor [indiscernible].

With the acquisition of Rainpower in 2022, Hydropower was again a part of our energy offering. And since the acquisition, we have transformed the entity into a robust growth business with solid underlying margins. Recently, we were awarded the contract to supply all electromechanical equipment for the Tussa II hydro power plant in Norway. -- special about this project is that we have been able to bring an alliance inspired model into hydropower. This means working closely together with Tussa Energi from the early phase of the project. Through this collaboration, we've been able to develop smarter and more efficient solutions, something we hope will set a new benchmark for hydro power going forward.

Strategic collaboration also plays an important role in our engagement into the emerging market for small modular reactors or SMR for short. In late April, Aker Solutions signed a memorandum of understanding with Rolls-Royce SMR, a leading player in this market. Through this partnership, we will apply our expertise in design, project management and modular construction to develop nonnuclear parts for these power plants. Rolls-Royce SMR has now been selected for several projects in the United Kingdom, the Czech Republic and most recently in Sweden. All projects are backed by state governments. And in Sweden, the government recently acquired 60% of Videberg Kraft, which will be the developer and operator of 3 SMR units with a total capacity of 1.5 gigawatts.

The active involvement of governments in Sweden, the U.K. and the Czech Republic highlights the growing confidence in the SMR technology as such and its role in Europe's future energy mix. In fact, these 3 countries have publicly announced ambitions of building more than 15 SMR units. And meeting these ambitions will require a coordinated effort by the European industrial base. And we are quite proud of being selected by Rolls-Royce alongside other robust partners to deliver on these ambitions.

So where are we now? As part of the MOU, we are working closely with Rolls-Royce SMR to mature the module scope, to finalize the first binding contracts for engineering and design services. And a bit further down the line, we expect start-up of larger construction scopes by early 2029.

This takes me to the tender pipeline, which is currently at about NOK 77 billion. The reduction from the first quarter mainly relates to the loss of an offshore wind project in Europe, where the developer selected a local competitor for execution. However, we continue to see a good mix of opportunities across oil and gas, renewables and adjacent markets, which we believe will create activity in the years to come. And with that, I leave the word to Idar, who will take you through the financials of the quarter.

Thank you, Digre. I will now take you through the key financial highlights of the quarter and the first half year of 2026. As always, all numbers mentioned are in Norwegian kroner. So let me start with the income statement.

The second quarter revenue was NOK 13.1 billion, a decrease of about 14% compared to the same period last year. The underlying EBITDA for the quarter was NOK 1.2 billion with a margin of 9.2%. If we exclude the net profit from SLB OneSubsea, our underlying margin was 7.9%. And for the first half of the year, the EBITDA margin, excluding net profit from SLB OneSubsea was 7.8%. The underlying EBIT in the quarter was NOK 819 million with a margin of 6.3%. The underlying net profit was NOK 659 million in the quarter, and NOK 1.3 billion for the first half of 2026. Lastly, earnings per share was NOK 1.37 for the quarter and NOK 2.67 for the first half 2026.

Let us take a look at the performance of our operating segments. For renewables and field development, the second quarter revenue was NOK 9 billion. The underlying EBITDA was NOK 846 million with a margin of 9.4%. This was driven by solid operational performance as well as profit recognition from 2 second-generation renewable projects in period. Order intake in the quarter was NOK 5.5 billion or 0.6x book-to-bill. This mainly relates to the contract for a steel substructure for our European HVDC project as well as growth in our existing portfolio.

The secured backlog was NOK 32.6 billion at the end of the quarter. And based on the backlog and market activity, we now expect revenue in this segment to be between NOK 35 billion and NOK 40 billion in 2026. For the Life cycle segment, the second quarter revenue was NOK 3.6 billion, down 8% compared to the same period last year.

This was mainly driven by lower hookup and commissioning activity in Norway compared to the first half of 2025. The underlying EBITDA in the quarter was NOK 267 million with a margin of 7.4%. Order intake was NOK 3.6 billion or 1x book-to-bill. This was mainly driven by the mentioned frame agreement in Canada as well as growth in our existing portfolio. The backlog continues to be highly robust at NOK 42.4 billion, providing good visibility on activity levels for several years ahead.

If you also include the estimated value of the option period for our frame agreements, the backlog will increase to about NOK 80 billion. And based on secured backlog and market activity, we continue to expect revenue in this segment to be around NOK 15 billion for 2026.

Next, we will look at the cash flow development in the quarter. Our financial position remains robust with a net cash of NOK 4.3 billion including investments in liquid funds. Operational cash flow in the quarter was negative NOK 195 million, this includes the expected cash outflow from our working capital reversal of NOK 1.2 billion in the period. Capex in the period was NOK 73 million or 0.6% of revenues. The quarterly dividends received from our 20% stake in SLB OneSubsea was NOK 138 million, in line with the same period last year. Based on SLB's OneSubsea strong financial position, we expect dividend distribution to increase in the second half of 2026 supporting full year distribution broadly in line with 2025 levels.

Last, but not least, we paid out about NOK 4.2 billion in ordinary and extraordinary dividends to our shareholders in late April.

I will now hand the presentation back to Kjetel to summarize the key developments of the quarter and present our updated guidance for 2026.

Thank you, Idar. So to summarize, I'm pleased to see that we continue to deliver solid financial performance following peak activity levels in 2025. I'm also encouraged to see that we continue meeting critical milestones on ongoing projects and that we are maturing future opportunities together with our strategic partners.

Next to our revised guidance for 2026. Based on secured backlog and market activity, we now expect revenue to be between NOK 50 million and NOK 55 billion. EBITDA margins, excluding net profit from SLB OneSubsea are now expected to be around 7.5% for the full year. CapEx is currently expected to be between 0.5% and 1% of revenue in 2026. And we continue to expect working capital to normalize over time to a level of between negative NOK 4 billion and negative NOK 6 billion.

Finally, SLB OneSubsea is an important contributor to value creation in Aker Solutions. And as mentioned, we expect dividends from SLB OneSubsea to increase in the second half of 2026, supporting full year distributions broadly in line with 2025 levels.

Thank you for listening. That was the end of our presentation. And in a few moments, we will open for questions.

Okay. The first question comes from Victoria McCulloch in RBC. In terms of renewable field development, can you give any color on the trajectory in the second half of the year and how we should think about activity levels? And is the increased guidance a reflection of the acceleration in the Aker BP projects?

Yes. I think in general, we have a high activity level in all segments, and these are sort of year-round activities that will continue. But the dominant activity is, obviously, the huge projects that is currently at Stord. And they mean the way that we are handling them means that the second half will be as high activity as the first half, but we will see a shift from onshore to offshore. The first projects have already been installed offshore, and we are following them and completing them out at sea, I would say, and then both Valhall and then eventually Hugin A will also follow. So throughout second half of 2026, we will move from onshore to offshore. It's also a very clear, I would say, sort of a Norwegian way of handling these projects that we are focused on being predictable on the sort of the start-up part of this. So we will -- in the alliance with Aker BP, make sure that these projects start up as planned in 2027.

Yes. In terms of numbers, we -- as you probably have seen from our report, we have adjusted our guidance for 2026 full year and increased revenue guidance and also margins. For Renewable and Field Development segment, we have said that the margin -- the revenue will be in a range of NOK 35 billion to NOK 40 billion. That should indicate a similar type of level in the second half of 2026 as in the first half.

Following up from Victoria on the year ahead projection with a lower backlog, how much should we extrapolate our expectation? And are there any awards in the second half that could materially move the needle in 2027?

Yes. It's too early to sort of come with an updated guidance, but we are working on several projects that could have impact both in '27 and '28, providing that we are successful on the bidding.

Moving then to a question from Lukas Daul in Arctic. If you can provide an update on the legacy projects and the provisions taken so far in 2026?

Perhaps first of all, just mention that these projects are now currently in the offshore phase where we are working on completion and commissioning and towards the start-up of these projects.

Yes. And in parallel, as we have spoken about before, there are commercial dialogues going on on the legacy lump sum projects. And in terms of provisions, there is no change in second quarter, there was some change in the estimates during the first half, and that was taken in the first quarter.

Moving then to a question from Mick Pickup in Barclays. that he says that there's a big focus on the renewables and clean energy. And if you can talk a bit about the first generation to the second generation, especially in CCS and what the main differences are and what you have learned?

Yes. Going into renewables and also CCS, this is a change journey, transformation journey for the whole industry. And both on the operator side and us as a main contractor, we need to sort of understand how to sort of create a new version of ourselves or to be precise and lean enough to make sure that these business cases are flying that we all create a win-win situation and earn money. And the first generation where I think we, particularly in Norway, we're sort of slightly polluted by the oil and gas tradition. We know on specifications on the way of collaborating. And now in this second generation, it's really sort of remarkable to see how we're working on in a way challenging and in a way, positively cannibalizing in all the way that we are handling this. And in my mind, we really sort of moving the needle and particularly on the CCS side, where we see that we have a completely different way of handling it.

So creating new versions of ourselves that in one end, can then serve this sort of leaner different kind of industrial market, but then also up the game, and we are looking at the likes of SMR and defense.

Maybe then a follow-up to Idar on the -- what is the opportunity set in terms of revenues and margins in the markets, CCS, hydropower SMR.

Yes. All in all, it's a very interesting market, and there are great opportunities. We will have to come back and put some numbers behind it. But -- the reason why we are positioning ourselves in these markets is that we see that this can be quite interesting. And for some of it, it could even develop into separate segment down the road if you have a long term view on it.

Maybe then there's a follow-up as we recently announced an order in the hydropower space. Kjetel, can give some more color on the alliance inspired execution model and what the Aker Solutions' competitive advantages in this market.

Yes. Hydropower has been key to the energy provision in so many different regions of the world, and we have been part of it for hundreds of years if you look at the old common history. It hasn't sort of been renewed, modernized over the years in perhaps the same way that oil and gas and other areas have evolved. And what we see now is that the players in that energy market, they are curious on what we bring to the table when it comes to different ways of both early involvement to define how the things can be done technically and also how we can link up through the actual terms and conditions to actually create common drivers to ensure success in a very sort of complementary way of executing.

So -- and it's also good to see that the end clients are curious on how we also collaborate around developing technology, which is obviously a big lift and shift that could provide a next level on the hydropower side.

Then I think we move over to a few questions on the guidance. We start with a question from Lucas Daul. Your 2026 revenue guidance is up NOK 7.5 billion at the midpoint since the first issued in November. What factors and projects have contributed to the increase? Are you surprised by how big the deviation is versus your original forecast? Maybe to Idar.

Yes. I think it's fair to say when we issued the original forecast that we might be on a bit conservative, careful side on our estimates. But if you look at the development since November '25, we have managed to secure new frame agreements on most of or all of the sort of targeted frame agreements in lifecycle. We are going full speed ahead in the Aker BP portfolio in order to meet the milestones and deliver those. And the totality of this when you sum it up, has led to an increase in the top line and as well as increase our contribution from these projects. So we are happy with the development so far.

Then moving on to a question from Mick Pickup on Lifecycle. The top line has been around NOK 7 billion in the first half and NOK 15 billion is the guidance. Is this the run rate with all the new contracts that we also now expect to be operational through 2027?

Yes. When it comes to that one, as I said, we are happy that we have renewed all those important contracts and not only renewed it, we have managed to secure actually a higher volume on some of them than what we had in the past. So that is good. And then we are working on improvement programs into those contracts. And we will deliver on those improvement programs. That in itself would -- could lead to a reduction in hours and therefore, also revenue. But due to the increase in, call it, scope and activity, we expect for this coming year that NOK 15 billion is a level that is sustainable.

Yes. And just to remind ourselves, when we improve and take costs down, that means that the operators, they are able to lift more projects so that lowering the threshold for actually having business cases that they can decide upon is very important.

And just to add to that one again is that when we do that, there is also linked up to incentive mechanism and performance-based incentives is a fairly large share of also our life cycle contracts.

Moving on then to a question from Erik Aspen in Sparebank. If you can give a split on the tender value in terms of how much oil and gas, renewables and also if you've included any of the SMR opportunities in the tender pipeline?

Qualitatively speaking, we have some huge oil and gas prospects in the tender pipeline, yes, both in Norway and abroad. But there's a lot of initiatives, both in offshore wind, in CCS and hydropower that is ongoing and I would say, growing and looking very good. But the numbers, do you have...

Yes. This will vary from quarter-to-quarter depending on the portfolio under the tender phase. But right now, it's dominated by oil and gas in totality. And -- but these, as we know, are fluctuating from quarter-to-quarter.

And maybe to add, as we've said, the SMR opportunities, we expect the big construction scopes to come from '29 onwards and -- but then we are targeting smaller engineering scopes, which may be or may start earlier. That takes me a bit to Martin Huseby Karlsen from DNB question. Based on this comment about construction start in 2029, what type of revenues should we expect before this? Can you help them quantify?

Yes. We have this partnership with Rolls-Royce SMR because we see the -- how we sort of in a partnership can handle that kind of task together. And the task is large and it's complex. That means that construction start is not the only big milestone. We will ahead of that, both be in a design phase where we are developing the concepts and methodology. We will be in a detailed engineering phase, which is where we are talking about hundreds of engineers being involved and then also start the procurement plan where we are placing orders out to equipment providers. So construction start is speaking to our own sort of physical activity on our yard. But before that, we will have a lot of activity to make sure that these projects are on track.

Thank you. A lot of interesting things ahead. Last question coming from [ Edgar ]. If you can share your vision, Kjetel, for the organization going forward, the key changes that you believe will be necessary.

Well, again, we have a mission, purpose, solving global energy challenges for future generations. And I think you see now throughout the years that we've been here that we are really focused on making this happen, and we are still in that whole energy mix and then broadening it as well. What is important then is to understand what are the true sort of both capacities and capabilities in the totality of Aker Solutions. And are we good enough to then make sure that they are groomed but also show that we have these different jewels in the company. So that is a super important part of the communication going forward that everybody understands both the importance but also the relevance of the totality of Aker Solutions going forward.

Thank you, Kjetel and Idar. That was all we had time for today from all of us. Thank you so much for listening, and goodbye.

Good morning, and welcome to Aker Solutions presentation of our First Quarter results. My name is Preben Ørbeck, and I'm the Head of Investor Relations. With me today is our CEO, Kjetel Digre; and our CFO, Idar Eikrem. They will take you through the main developments of the quarter. Following the presentation, we will open for questions. Those of you who are following the webcast can submit your questions via the online platform.

And with that, I leave the floor to Kjetel Digre.

Thank you, Preben, and welcome to everyone tuning in. As usual, let me start the presentation with the main messages for today. Firstly, we continue to deliver solid financial results as our revenues normalize from peak levels in 2025. A key priority in 2026 is to secure new orders, and I'm happy to report that Aker Solutions was awarded several important long-term frame agreements in the first quarter. And our financial position remains highly robust. Mid-April, the Annual General Meeting approved the payment of NOK 8.6 per share of ordinary and extraordinary dividends, which was distributed to shareholders earlier this week.

Our mantra in Aker Solutions is always home safely. But sadly, during Easter, we lost a colleague in a fatal accident at our decommissioning site at Stord. This loss is a stark reminder of why our focus on safety is so important every day in every task. To fully understand what's happened and to prevent it from happening again, Aker Solutions has established our own internal investigation, and we are collaborating with the police and authorities in their investigations.

Moving on to our project portfolio, where we are making good progress with several milestones met on the Aker BP projects. This includes stacking complete for Hugin A and Valhall PWP as well as the sail-away of both the Fenris topside and Hugin B jacket in early April. The geopolitical situation in the Middle East is monitored closely. Shortly after the outbreak of the war, we decided to evacuate non-critical personnel from Dubai. At the same time, our ongoing projects executed with our partner in Dubai are continuing as planned.

Lastly, based on our secured backlog and the high tendering activity, we are upping our guidance for the full year, expecting revenues to be around NOK 50 billion with stable underlying margins. I'm also encouraged to see the steps we are taking to position our company in emerging markets such as data centers and small modular reactors. I'll talk more about this later, but first, I will take you through some of the operational highlights of the quarter.

As mentioned, the Aker BP portfolio is progressing according to schedule with several milestones met in the first months of 2026. In February, our yard at Stord celebrated the completion of the so-called stacking program on Hugin A. This means that all the key modules and preassembled units have been lifted into place on the platform. On Valhall PWP, a similar milestone was achieved in the beginning of April with the successful lift of the 1,081-ton MEG module from our subcontractor Nymo. Also in April, both the Fenris topside and the Hugin B jackets sailed away from our Valhall yard and were successfully installed offshore. So, what does it take to deliver such projects? The photo you see on the upper right corner is from Town hall held at Stord earlier this year. And to me, it gives a good picture of the current activity level at the yard.

As we speak, we have more than 10,000 hires on rotation at the yard in addition to our own employees. This also highlights our flexible model using hires and subcontractors during peak activity periods. All in all, I'm very proud that Alliance continues to deliver on its promise to radically change how to deliver capital projects. In short, we are building faster and we are building better.

Moving over to our life cycle segments. In the first quarter, we were awarded new long-term frame agreements for maintenance and modification services for both Equinor and Aker BP in Norway. In both these contracts, Aker Solutions' scope increased, taking responsibility for several new assets, both offshore and onshore. One example is Aker BP's new Yggdrasil development, which will set a new benchmark for remote operations and the use of new technology to enhance efficiency. The frame agreements are also important to position us for future modification projects. Equinor alone has announced targets of bringing more than 75 subsea projects on stream over the next decade, which will require topside modifications. Increased subsea tieback activity will also open opportunities for fabrication of subsea equipment from our Egersund yard to clients such as SLB OneSubsea.

We are also actively engaging with clients to position for future opportunities across a range of markets. Within oil and gas, we are in the pre-FEED phase for several FPSO projects that we expect will move into the next phases of development over the next 12 months. This includes both greenfield developments and lifetime extensions of existing assets.

Within offshore wind, we are working directly with transmission system operators and equipment partners to design the next generation of offshore HVDC converter platforms. A key focus is to optimize the design to reduce weight and standardize equipment to reduce costs. On CCS, we were recently awarded the FEED study for the Klaipėda CO2 storage terminal in Lithuania, a project co-funded by the European Union. The planned facility will have storage capacity of about 2.8 million tons of CO2, which will be captured from industrial sources across the Baltic region. The FEED study began in the first quarter with a team of more than 100 experienced engineers from our hubs in Oslo and India. And we're also taking important steps into adjacent markets such as data centers. According to McKinsey, more than $7 trillion will be invested in data centers by 2030 to meet the growing demand. We are still in an early phase, but already we are seeing that our capabilities for advisory services, electrical system design and project management services are in demand by developers.

And speaking of important steps, small modular reactors or SMRs for short, are moving from concept to reality. Yesterday, we announced the signing of an MOU with Rolls-Royce SMR, a leading player in this market. Through this partnership, Aker Solutions will apply our expertise in design, project management and modular construction for the development of nonnuclear parts of these power plants. The partnership will initially focus on ongoing developments in the United Kingdom and the Czech Republic, where Rolls-Royce have been selected as the main contractor and technology provider for upcoming SMR projects.

As part of the MOU, Aker Solutions will work closely with Rolls-Royce SMR to mature the module scope with the aim of finalizing the first binding contracts. I believe this MOU represents a great opportunity for our company in a potential significant market. As Europe accelerates its energy transition, SMRs are emerging as a key technology to meet growing energy demands while reducing carbon emissions. I also think the fact that Rolls-Royce SMR selected Aker Solutions for this partnership is a good example of how we are drawing on decades of oil and gas experience to unlock new opportunities and reinforcing our role in the broader energy transition.

As mentioned, a key priority in 2026 is to secure new orders. Tendering activity is high and our tender pipeline grew about 10% in the quarter to almost NOK 90 billion. Growth has mainly come from Asia Pacific and Australia. Here, we are tendering for several FPSO opportunities, and we are also in the process of renegotiating frame agreements for maintenance and modification services in the region. And just as a reminder, the tender figures do not include SLB OneSubsea, where Aker Solutions holds a 20% ownership.

Tendering activity in SLB OneSubsea is also high. Supported by strong underlying market, SLB OneSubsea targets cumulative bookings exceeding $9 billion over the next 2 years. And so far in 2026, SLB OneSubsea has announced several new orders in different geographical regions. Within Subsea Production Systems, or SPS, SLB OneSubsea was awarded both 20-well Kaiping project in China and the deepwater Kikeh project in Malaysia in the quarter. And in April, SLB OneSubsea together with its partner, Subsea7, signed a strategic collaboration agreement with PETRONAS for future SPS and SURF deliveries to Suriname. Within Subsea processing, SLB OneSubsea has a dominant market position, leveraging decades of technical innovation in both Aker Solutions and in SLB. And so far this year, the company has been awarded both the upgrade of the Gullfaks compression system in Norway and the delivery of high-pressure, high-temperature multiphase boosting for Beacon Offshore Energy in the Gulf. All in all, we are pleased to see that SLB OneSubsea is on track to deliver on its ambitious order intake targets, which will lead to growth from 2027 and onwards.

The valuations of subsea technology companies shows that the strong and sustained momentum across the subsea market is increasingly being recognized by investors. As a committed co-owner of SLB OneSubsea, we believe the company is well positioned to capture this momentum and support value creation over time. And in our view, this ownership represents an important underlying value that is not fully reflected in Aker Solutions' current valuation. And with that, I leave the word to Idar, who will take you through the financials of the quarter.

Thank you, Kjetel. I will now take you through the key financial highlights of the quarter. As always, all numbers mentioned are in Norwegian kroner.

So let me start with the income statement. The first quarter revenue was NOK 13.4 billion, down 7% from the same period last year. This is an expected normalization of activity levels in line with our guiding for the full year. The underlying EBITDA was NOK 1.2 billion with a margin of 8.6%. Our underlying margin, excluding the net income from SLB OneSubsea was 7.6% in the quarter. The underlying EBIT was NOK 780 million in the quarter with a margin of 5.8%. Net income, excluding special items, was NOK 634 million, representing earnings per share of NOK 1.31.

During the quarter, Aker Solutions recorded a gain from the sale of SLB shares of NOK 544 million. This was treated as a special item in our reporting. And as Kjetel mentioned earlier, this month, the Annual General Meeting approved a total dividend of NOK 8.60 per share, which was paid out in full on the 27th of April. This includes the ordinary dividend for the fiscal year of 2025 of NOK 3.60 and extraordinary dividend of NOK 5 relating to the sale of SLB shares.

Let us now take a look at the segments. For Renewable and Field Development, the first quarter revenue fell to NOK 9.6 billion, mainly reflecting lower subcontracting volumes on ongoing projects. The underlying EBITDA in the quarter was NOK 721 million with a margin of 7.5%. The order intake in the quarter was NOK 5.5 billion and the secured backlog was NOK 36.1 billion at the end of the quarter. Based on the secured backlog and market activity, we currently expect revenue in this segment to be around NOK 35 billion in 2026.

For the Life Cycle segment, the first quarter revenue was NOK 3.3 billion. This was impacted by the lower offshore activity in the North Sea during the winter months as well as somewhat lower activity at some of our international hubs. The underlying EBITDA in the quarter was NOK 238 million with a margin of 7.2%. This corresponds to a margin increase of more than 50 basis points compared to the same period last year.

Order intake in the period was record high at NOK 23 billion or 6.9x book-to-bill. This was mainly driven by the new long-term frame agreements with Aker BP and Equinor for both onshore and offshore facilities in Norway. The backlog increased almost twofold in the period to NOK 42.5 billion, providing good visibility on activity levels for several years ahead. If you also include the estimated value of the option periods for our frame agreements, the backlog will increase to about NOK 80 billion. Based on the secured backlog and market activity, we continue to expect revenue in this segment to be around NOK 15 billion for 2026.

Moving over to the financial performance of SLB OneSubsea. Here shown on 100% basis translated into Norwegian kroner. In the first quarter, SLB OneSubsea delivered revenues of NOK 8.4 billion. This was impacted by wind down of several large projects and lower service activity in the winter months in Norway. In Norwegian kroner, the results were also impacted by the lower exchange rate versus the U.S. dollar.

EBITDA in the quarter was NOK 1.4 billion with a margin of 16.8%. This was negatively impacted by high start-up costs on some new projects. The company expects the margins will improve during the year. Net income for the entity was NOK 807 million before PP&A adjustments. After these adjustments, Aker Solutions recognized NOK 143 million for our 20% share. The backlog for the company was NOK 46.6 billion at the end of the quarter.

As Kjetel mentioned, the company has announced several new orders so far this year and is on track to deliver on its growth ambitions from 2027 onwards.

Lastly, Aker Solutions received quarterly dividend of $137 million in the first quarter. And after the distribution of dividend, the company continued to have a very robust financial position with a net cash position of more than $600 million at the quarter end.

Next, we will look at our cash flow development in the quarter. Operational cash flow in the period was NOK 2.7 billion. This was driven firstly by EBITDA contribution from our operating segments. In addition, working capital improved by about NOK 1.8 billion to negative NOK 8.3 billion. This was driven by favorable cutoff effects and is expected to normalize over the next quarters.

CapEx in the period were only NOK 57 million or 0.4% of revenues. As mentioned, we also received NOK 137 million in dividend from SLB OneSubsea in line with distribution in the same period last year. During the quarter, we sold our share in SLB for NOK 2.5 billion. The shares was received in October 2023 as part of the Subsea transaction. The proceeds from the sale were later distributed to our shareholder as extraordinary dividend. At the end of the quarter, our net cash position stood about NOK 8.7 billion, including investment in liquid funds.

Next, I wanted to say a few words about our capital allocation strategy. Since the merger between Aker Solutions and Kräner, a key priority has been to build financial robustness while investing into profitable growth initiatives such as digitalization and robotization and generating solid shareholder returns. With the recent dividend paid earlier this week, Aker Solutions has, in total, distributed more than NOK 35 to shareholders since 2020. And our focus is to continue generating shareholder value in the years to come.

I will now hand the presentation back to Kjetel to summarize the key developments of the first quarter and present our guiding for 2026.

Thank you, Idar. So, to summarize, I am pleased to see that we continue to deliver solid financial performance as our revenues normalize from peak levels in 2025, and we are not resting. During the quarter, our backlog increased to NOK 8.2 billion, and our tender pipeline grew to almost NOK 90 billion. I'm also encouraged by the steps we are taking to position our company in emerging markets such as data centers and small modular reactors.

Next, over to our guiding for 2026. Based on secured backlog and market activity, we expect revenues to be around NOK 50 billion. EBITDA margins, excluding net income from SLB OneSubsea, are expected to be in the range of 7% to 7.5% for the full year, in line with previous guiding. CapEx is expected to be around 1% of revenue in 2026 and onwards. And despite the developments in this quarter, we continue to expect working capital to normalize over time to a level of between negative NOK 4 billion and negative NOK 6 billion.

Finally, we have a robust financial position, and this enables us to both develop the company for the future and to serve our shareholders.

Thank you for listening. That was the end of our presentation. And in a few minutes, we will open for questions.

So we will start with a few questions from Sondre Med in Nordea on Lifecycle. Margins in Lifecycle, is there anything specific affecting this quarter? And does this reflect the overall margin? And then the second question on Lifecycle, we've had a solid order intake and expanding backlog. How should we think about the run rate for the margin and for the volumes going forward?

We just start by just saying that we are super happy with having key clients that are renewing all of the important frame agreements and that is giving us an excellent horizon to work with. There's a known activity level in all of those contracts. We know the installations as well. And then, in addition to that, the known scope, we know that there will be a lot of modification work for these clients based on the need for energy, energy security, triggering lifetime extension projects, and also the huge Subsea tieback scope, which also triggers the topside modifications. So, in that time frame, it's an obvious -- an excellent opportunity to work on both improvements and have ambitions for growth.

Yes. I just want to double up on what you said, Kjetel, happy that we got those contracts in place, and not only that is renewed by the customers that we're having, but it's also a bigger volume over time. However, it will take some time during the year, and then the new contracts will kick in. And our best estimate for the current year 2026 is that our overall revenue will be in line with last year.

But based on what I said, of course, there is a clear ambition to grow both top line and margin over time. And a lot of the margins in Life Cycle are actually performance-based, incentive-based. And we have demonstrated that we, over time, are able to deliver well. And I think the new contract is just an indication that the customers are also happy with that and that we can continue that journey, working very closely with the key customers in order to improve performance over time, and through that also cash in on the incentive mechanism.

Thank you. We will move over to a question on the legacy projects. When are they expected to be completed? And what was the impact of the quarter?

Yes. On completion, these projects have been constructed, completed, and installed offshore, and we are now, together with our clients testing the functionality and are going to complete them during the second half of this year.

Yes. And the impact on the quarter is not significant. There is some revenue, of course, without any margin recognition in the quarter. So, it's still a drag on the margins. And then we will continue our commercial dialogue in the months to come.

Moving over to a question about working capital. Do you have any view on where we land at year-end?

Yes. We had a favorable close in the first quarter. So, our working capital ended up at minus NOK 8.6 billion. However, our guidance for the working capital is the same as the last time. We expect that the working capital is going to be adjusted or reversed to a level of minus NOK 4 million to minus NOK 6 million over the next quarters to come into and including 2027.

Maybe then move over to a question on the CapEx guidance and the low spending in the first quarter. How should we expect phasing of CapEx for the remainder of the year?

First of all, I think you should -- I think that there is a clear signal that the capital discipline is very strong in the company. We don't invest more than what we need to, and we need to have good business cases in order to go over and above our guidance. And where we are now, we capitalize on the investments that we have done so far. And in the quarter, it's only 0.4% of 0.4% of the revenues. Our guidance is still maintained at 1% of revenue, and you should view that as guidance over time, not necessarily for 2026 only.

Moving over to a question from Victoria McCulloch in RBC. Can you remind us of the milestones for the remainder of the year on the Aker BP projects?

Yes. Just to remind us what that is all about for us. We are doing a lot of offshore work, obviously, so we have 4 platforms to be completed with jackets, 2 big ones and 2 smaller ones. One of the small ones, Hennis, is already installed offshore, and we are starting the offshore completion of that. One more is coming from our Valhall yard later this summer. And then the 2 big ones coming from Store is planned to be installed during the second half of this year.

Moving then over to a question on the tender pipeline. If you can give some color on the -- around NOK 40 billion of projects in Europe and also in the Asia Pacific, which grew in the tender pipeline in this quarter.

Yes. In Europe, we have a very clear position within oil and gas. We've already mentioned Life cycle, and there's a lot of work that has to be done within the operational part for projects. So, there's modification work in that pipeline. And then we're also looking at greenfield developments. One very well-known one where we are involved is the project potentially being installed in the Barents Sea in some years.

And then we are involved in many parts of offshore wind. I know components like foundations, and also marine services, but particularly on the substation side. So, there are multiple HVDC opportunities. And then we are, as announced, broadening our role within the carbon capture and storage and our targets there. And then also, as we have announced, the SMR business and also data centers are opportunities that we are moving into.

And APAC, if you look at who we are in APAC, we can start with our India office in Mumbai. We are around 1,000 engineers there. We do use them to support the global operations, but they are also engaging in local and regional tasks, both onshore and offshore. And then we have our MMO business, giving us a presence in Far East Asia, where we are looking at renewing contracts, but also potentially growing into new areas there. And then from both our KL office and Aker at large, we're also looking at FSO opportunities. And then FSO opportunities in Asia for us will be to use our project management skills and competence, and also the whole sort of engineering muscle, I would say.

Thank you, Kjetel. Moving on to a question about OneSubsea. Do we have any expectation on dividend levels for the rest of the year?

Yes. As you probably know, we receive a dividend from OneSubsea on a quarterly basis. And in the first quarter, we received NOK 137 million, in line with where we were last year. And in totality for last year, we received NOK 841 million in dividends from OneSubsea, consisting of quarterly dividends plus an extraordinary dividend at the end of the year. So, the most important one is that the dividend policy is clear and effective. All excess cash is going to be distributed to the 3 shareholders.

And more importantly, the business is continuing its development and is able to generate more cash as we speak. And including the first quarter, you see that the net cash position has increased even after the payout of the dividend. So, they are in a position to pay out dividends quarter-by-quarter. And then we will see what the end result will be at the year-end, but they are in a position to pay out a solid dividend.

Moving to a question from Russell in Upstream. Can you give a bit of detail on the Dubai projects and if there are any expected disruptions?

Yes. We've had quite a lot of projects with our partner in Dubai, Drydocks World Dubai. Just to mention them, we had substantial modules coming from Dubai into the Aker BP projects. They have been transported to Norway and are now part of the bigger tops. We also had the Rosebank project for Altera and Equinor, now Azura, that actually left Dubai just a few days before the war was initiated.

And now we have 2 HVDC projects, the Norfolk Vanguard East and West, which are running according to plan. And we have had to sort of create some alternative supply chain routes. That is one of the far-reaching consequences. But all in all, these projects are on schedule. And currently, we don't have any new projects that will be triggered in Dubai in the near future, but we are working on opportunities.

Moving on to a question from Martin Husarsen in DNB. If you can shed some light on the SMR agreement. Your partner, Rolls-Royce, has said that the first SMR unit in the U.K. could generate power around 2035. How should we think about the timing of Aker Solutions' activity?

Yes. First of all, we are in a phase now where we during or under the MOU, are working on maturing both the design and the role setup execution models, et cetera. So that is going on now, and that is quite a substantial organization in Aker Solutions that is working on that now from both London and Oslo. If we then sign a contract and enter into the next phase, these are undertakings and projects that require a lot of people in the engineering organization, planning, and procurement, and that will then sort of build up towards a construction start, which is then to be able to deliver in 2035. We need to start around 2930, I would estimate.

And then one other comment is obviously that this is not -- we're not talking about the SMR project with our partner, Rolls-Royce, the idea is to actually execute a sequence of projects that are coming in the natural order. So, in the period that I just described, we will probably initiate more than SMR. So again, a huge undertaking that we're really looking forward to being part of.

Thank you, Kjetel and Idar. That concludes our Q&A session for today. From all of us here, I would like to thank you for listening in. Goodbye.

Good morning, and welcome to Aker Solutions presentation of our fourth quarter and full year results. My name is Preben Orbeck, and I'm the Head of Investor Relations. With me today is our CEO, Kjetel Digre; and our CFO, Idar Eikrem. They will take you through the main developments of the quarter and the full year. After the presentation, we have time for questions. Those of you who are following the webcast can submit your questions via the online platform. And with that, I leave the floor to Kjetel Digre.

Thank you, Preben, and welcome to everyone tuning in. As usual, let me start the presentation with the main messages for today. First and foremost, I'm once again pleased to report that we continue to deliver solid financial results in a period of high activity.

Our fourth quarter revenues were NOK 16.7 billion, which takes our full year revenues to more than NOK 63 billion, the highest in Aker Solutions' recent history. Our EBITDA margin for the quarter was 7.9% or 7.5% if you exclude the net income from SLB OneSubsea. Our net cash position increased to NOK 3.7 billion at the end of the year. This was fueled by strong cash generation in our segments and substantial dividends from our 20% ownership in SLB OneSubsea.

Looking at 2025 as a whole, we have made good progress on our project portfolio and on our strategy. The Aker BP portfolio is progressing well with all key milestones met during the year. And I'm also encouraged to see high demand for our engineering and consultancy services, leveraging our 5,000 strong engineering muscle to solve energy challenges for a wide range of customers across the globe. Our life cycle business is well positioned to continue its strong development, underpinned by long-term frame agreements with strategic clients.

And lastly, I also want to highlight our ownership in SLB OneSubsea, a leading player in the growing subsea market. The company is delivering strong cash generation, enabling solid dividends to Aker Solutions. So as you can see, 2025 has been a very important year for Aker Solutions. Going forward, we continue to expect revenues to decline from peak levels in 2025, and we are taking steps to adjust capacity and costs accordingly.

Our financial position is robust, and the Board of Directors has decided to propose a dividend of NOK 3.6 per share for 2025, up from NOK 3.3 per share in 2024. I'll talk more about how we are positioning the company to continue delivering shareholder value. But first, I wanted to take a step back to reflect on our journey since 2020.

When we merged Aker Solutions and Kvaerner back in 2020, we set ambitious targets for the period ending in 2025. As you can see from the graphs, I think it's safe to say that we have delivered. Since 2020, our revenues have grown from about NOK 20 billion to more than NOK 60 billion. And equally important, our margins have also improved significantly over the period.

In 2025, we delivered an EBITDA margin of 8.4% or 7.3%, excluding net income from OneSubsea. This is an increase of about 500 basis points from 2020. We also secured several important new orders in 2025 with an order intake of about NOK 66 billion during the year. Our order backlog was about NOK 65 billion at year-end, dominated by projects under the Aker BP Alliance model and reimbursable contracts. And it's great to see that these results have generated solid returns to our shareholders.

Since the announcement in July 2020, the value of Aker Solutions has increased sevenfold. This includes about NOK 13.7 billion in dividends and share buybacks distributed to our shareholders during the last 5 years. So how are we creating value? Well, since 2020, we have delivered strong operational and financial performance across our business segments.

In Renewables and Field Development, we have seen the top line grow more than 4x since the merger. And going forward, we are broadening our customer base and geographical exposure. We do this mainly through our engineering and consultancy business as well as selectively targeting renewables opportunities with balanced risk reward profiles.

Our second segment, Life Cycle has also had an impressive journey, delivering double-digit revenue growth with improved margins. With an asset-light business model characterized by reimbursable contracts with low investments, Life Cycle is an important contributor to Aker Solutions' performance and cash generation.

Going forward, the segment is well positioned in a growing brownfield oil and gas market with a strong backlog dominated by long-term frame agreements with strategic customers. Lastly, I wanted to touch upon our ownership in SLB OneSubsea. In late 2023, we announced the closing of the transaction to create a leading global subsea player. Since then, SLB OneSubsea has delivered strong financial performance and cash generation. The company has an attractive dividend policy where all excess cash is distributed to shareholders.

And as I will come back to, this is just the starting point. Supported by a strong subsea market, the company is well positioned for growth and value creation in the years to come. So let's go deeper into some of these important value drivers. A key element in our strategy is to safeguard the delivery of our projects. So how are we doing this?

An excellent example is the Aker BP projects we are executing in the alliance model. There are several benefits working in this model. By aligning our incentives, sharing risk and rewards, we create win-win situations that drive innovation and efficiency. This way of working closely together with our strategic partners helps us deliver high-quality projects faster, which in turn means more energy to the markets quickly and responsibly.

The Aker BP project portfolio consists of 4 new platforms with a combined weight of about 90,000 tonnes. This includes Hugin A, the largest topside ever assembled at Stord. And we're also delivering the Valhall PWP platform and the smaller Hugin B and Fenris platforms from our yards. In addition, we are involved in several projects within modification of existing assets such as Skarv as well as being delivery partner for One Subsea for the fabrication of subsea equipment.

I'm very pleased to report that all critical milestones on these projects were met during 2025. This includes the delivery and sailaway of the jacket substructures for both Hugin A and Valhall PWP in the summer and the arrival of several large topside modules to Stord for final assembly. At Stord, we are progressing as planned with the stacking program preparing the topside for sailaway during 2026.

In order to safeguard the delivery of these other projects, Aker Solutions is applying new ways of working, enabled by automization and digital solutions. These are not ends in themselves, but rather means of improving efficiency and safety in execution. One example is the use of augmented reality or AR for short. By overlaying the technical drawings with real-world construction, inspectors can spot issues earlier when it is easier and less costly to mitigate them.

Another example is the use of virtual reality or VR, where engineers from our different locations around the world can meet virtually inside the digital model they are working on to collaborate and identify the best solutions. The technology has multiple use cases, including replacing offshore surveys in a range of operations. This frees up man hours otherwise spent on transport, reduces personnel on board and saves costly helicopter transport.

These are just a couple of examples of how we turn digital ambitions into practical applications that can save both time and cost for our customers. As for the alliance model, I believe that the achievements for the alliance are a clear testament to the value of working closely together with aligned incentives. This in turn enables us to deliver quality projects with faster time to first energy.

Another key pillar of our strategy is to grow our engineering and consulting business. At Aker Solutions, we are currently having more than 5,000 engineers with unique competencies across market segments covering all phases of the asset life. Our spearhead in emerging markets and client relationships is Entr, our consultancy arm. The core team at Entr currently consists of about 350 people, but draws on the competencies and capacity of the entire organization. A unique selling point for our engineering and consultancy services is how we are pioneering new digital solutions and data analytics powered by AI, artificial intelligence.

By shifting from manual to automated processes, we can make better use of historical data and scenarios to design innovative solutions that unlock value for our customers. One example is a recent FPSO concept study. Here, our engineers were able to identify more than 200 potential improvements, significantly reducing both weight, costs and delivery times. From our key engineering hubs in Norway, U.K., U.S., Canada, India and Malaysia, we deliver consulting and engineering projects to a wide range of customers across the globe.

Within oil and gas, we are actively engaged in several FPSO projects that we believe will move into next phases of development over the next 1 to 2 years. We're also seeing strong demand for our onshore, midstream and downstream capabilities. In these markets, we benefit from the experience and track record from our Indian office, where we have more than 1,000 engineers delivering projects across the globe.

Likewise, we see that our track record in both CCS and offshore wind enables us to engage early with new clients in different geographical regions. In both offshore wind and CCS, we are now engaged in the second generation of projects. Compared to the first generation, which have been both operationally and commercially challenging, the new generation is progressing well, delivering healthy margins.

So what has changed? Firstly, we have managed to negotiate commercial terms with balanced risk reward profiles and joint incentives for successful project deliveries. This means that we have moved away from traditional lump sum models to a model where both risks and upsides are much closer tied to our own performance. Secondly, we have managed to move away from customized one-off projects to leveraging standardization across several projects. One example is the Norfolk portfolio, where we are seeing the benefit of designing one and build several.

For instance, both engineering and fabrication hours are significantly reduced on the second topside compared to the first. The same applies for our CCS portfolio, where learnings from the first wave of capture and storage projects are now being implemented at the Northern Lights Phase 2 and the Hafslund Celsio carbon capture and storage projects. All in all, I'm pleased to see that our focused approach is yielding positive results, positioning us in the markets with significant growth potential in the years to come.

Moving over to our life cycle business. The segment has since 2020, delivered double-digit revenue growth with improved profitability and strong cash generation. At year-end, the backlog stood at about NOK 23 billion, dominated by long-term frame agreements and reimbursable modification projects on existing onshore and offshore assets. The segment also delivers hookup and commissioning services to ensure efficient and safe start-up of new oil and gas facilities and offshore wind components.

Our long-term engagements on these critical assets enable us to expand our capabilities, offering unique technology-enabled services. This includes autonomous drone inspection, remote operations and AI-powered analytics. And talking about long-term engagements. I'm happy to report that we have secured several new long-term frame agreements for maintenance and modification services over the past months.

Why is this important for Aker Solutions? For one, it creates transparency on activity levels for several years to come. As you can see on this slide, the recently awarded agreements in Norway have a duration of more than 10 years, including options. We are also working side-by-side with key international clients such as Exxon, Shell and BP to maintain and modify their critical infrastructure in Canada, U.K., Angola and Brunei.

I believe one of the main reasons we've been awarded these contracts is our demonstrated ability to drive improvement. And we are not just talking about doing the same things we did yesterday only faster, we are talking about fundamentally challenging what we do and how we do it. That means not just applying new technology, but applying the right technology and digital solutions, where we truly move the needle and deliver measurable results. It is also about understanding our clients, how they think, how they prioritize and what matters most to them.

Our deep understanding of the assets also positions us for modification projects, for instance, related to subsea tieback or the decarbonization through electrification. In Norway alone, Equinor expects to develop more than 75 subsea projects over the next decade. So to summarize, I'm impressed by how Life Cycle has developed over the last 5 years and believe that the segment is well positioned to continue its transformation journey in the years to come.

Moving over to SLB OneSubsea. As mentioned, the company was established through the merger between SLB and Aker Solutions Subsea divisions with the ambition to create the leading subsea company in the world. The financial performance of the company speaks for itself, delivering strong margins and solid cash flows. The company has a very attractive dividend policy. And during 2025, SLB OneSubsea had paid out more than $400 million in dividends to its shareholders.

After these payments, the company still has a robust financial position with net cash of more than $0.5 billion. And the outlook for the company is strong with global subsea spending expected to increase by around 25% over the next 5 years. Tendering activity is high, both within Subsea production systems, Subsea processing solutions and umbilicals and cable systems.

SLB OneSubsea also has a highly resilient life of field service offering, enabled by the largest installed base of subsea equipment in the industry. The company recently announced targets of cumulative bookings exceeding $9 billion over the next 2 years, positioning the company for growth from 2027 and onwards. So as both the proud co-owner and delivery partner for OneSubsea, Aker Solutions sees great opportunities for continued strong value creation in the company going forward.

And talking about shareholder value. As you can see from the graph on the left-hand side, share prices among players with exposure to the subsea equipment market have increased markedly during the last 6 to 12 months. If one uses such peer trading multiples, one may argue that our 20% ownership represents a significant upside to Aker Solutions current trading. In addition, Aker Solutions currently holds more than 5 million shares in SLB, which were used as considerations for the Subsea transaction. Since the closing of the fourth quarter, we have seen a substantial increase in the value of these shares.

So to summarize, I am pleased to see that we continue delivering strong financial results that we have a solid backlog of healthy projects and that we continue positioning the company for the future. Finally, our financial situation is robust. This gives us a strong foundation to continue developing the company while generating solid returns to our shareholders.

And with that, I leave the word to Idar, who will take you through the financials of the quarter and for the full year.

Thank you, Kjetel. I will now take you through the key financial highlights of the fourth quarter, the full year figures, our segment performance and run through our financial guidance. As always, all numbers mentioned are in Norwegian kroner.

So let me start with the income statement. The fourth quarter revenue was NOK 16.7 billion. Full year revenue were NOK 63.2 billion, a 19% increase from 2024. The underlying EBITDA in the quarter was NOK 1.3 billion with a margin of 7.9%. During the quarter, Aker Solutions have taken provisions for restructuring costs of NOK 194 million in relation to the announced capacity adjustments. This is treated as a special item.

The net income from OneSubsea was only NOK 80 million in the quarter. This was affected by one-off costs related to integration and restructuring. If adjusting for these one-off costs, the net income from the entity was in line with previous quarters. Full year EBITDA for the group was NOK 5.3 billion with a margin of 8.4% or 7.3% if you exclude the net income from SLB OneSubsea. The underlying EBIT in the quarter was NOK 940 million, up from NOK 888 million a year ago with a margin of 5.6%. The full year EBIT was NOK 3.8 billion with a margin of 6.1%.

For the full year, net income, excluding special items, was NOK 2.9 billion, representing an earnings per share of NOK 6.1. This is somewhat lower than in 2024, mainly driven by lower interest income after the sale of liquid funds used for the payment of extraordinary dividend in 2024. As Kjetel mentioned, the Board of Directors will propose an ordinary dividend of NOK 3.6 per share for 2025, pending approval of -- in our Annual General Meeting in April. This represents approximately 60% of net income, excluding special items.

Moving to our segment performance. For Renewables and Field Development, the fourth quarter revenue was NOK 12.4 billion. Full year revenues was NOK 46.1 billion, representing a year-on-year growth of 21%. The underlying EBITDA in the quarter was around NOK 1 billion with a margin of 8.1%. EBITDA for the full year was NOK 3.7 billion, representing a margin also of 8.1%.

The legacy lump sum projects continue to be a drag on the margins throughout 2025. These projects are now in the offshore commissioning phase and commercial discussions are ongoing. And as previously mentioned, the second-generation renewable projects contribute with healthy margins in the period. The order intake in the period was NOK 11.6 billion, leading to a secured backlog of more than NOK 40 billion at year-end. Based on the secured backlog, we expect the revenues in this segment to be between NOK 30 billion and NOK 35 billion in 2026.

For the Life Cycle segment, revenues in the fourth quarter was NOK 3.8 billion. Full year revenues was NOK 15 billion, an increase of about 13% from 2024. The underlying EBITDA was NOK 293 million in the quarter, representing a margin of 7.7%. This was enabled by continued solid performance on ongoing modification projects and long-term frame agreements. EBITDA for the full year was NOK 1.1 billion with a margin of 7.2%. The order intake in the quarter was NOK 7.7 billion, representing a book-to-bill of about 2x.

During the quarter, Life Cycle was awarded long-term frame agreements with both ConocoPhillips in Norway and ExxonMobile in Canada. The secured backlog at the end of the year was NOK 23 billion, providing a good visibility for future activity levels. This, however, does not include the announced long-term frame agreement with Equinor awarded in the first quarter of 2026, representing additional intake of more than NOK 10 billion. Based on the secured revenues and backlog, we expect Life Cycle revenues to remain relatively stable in 2026 at around NOK 15 billion.

Moving to our financial performance of SLB OneSubsea. In the fourth quarter, SLB OneSubsea delivered revenues of about NOK 10.5 billion. For the full year, revenues were about NOK 40 billion. EBITDA in the quarter was about NOK 1.9 billion, representing a margin of about 18%. For the full year of 2025, the company delivered an EBITDA margin of 19.4%. Net income before PP&A adjustment was NOK 527 million in the quarter. This was negatively affected by the mentioning provisions for one-off costs.

After PP&A adjustment, Aker Solutions recognized NOK 80 million for our 20% share. The backlog for the entity is currently at NOK 47 billion. As mentioned, tendering activity is high, and the company has an ambition to exceed $9 billion in new orders over the next 2 years. In the fourth quarter, Aker Solutions received dividend of more than NOK 400 million. This was significantly above previous quarters, reflecting the solid financial position and performance of the entity. This takes me to our cash flow for the full year.

Cash flow from operation was NOK 2.6 billion, mainly driven by EBITDA contribution from our operational segments offset by a reversal of working capital of about NOK 1.3 billion. CapEx for the full year was about NOK 500 million or 0.8% of revenues. For the full year, Aker Solutions received NOK 841 million in dividends from our 20% ownership in SLB OneSubsea, significantly above previous guiding from the company.

Lastly, we have distributed about NOK 1.6 billion to our shareholders in 2025, in line with our ordinary dividend policy. The financial position remained robust with a net cash position that increased to NOK 3.7 billion during 2025. So to sum up, in 2025, Aker Solutions delivered record high revenues with solid margins and strong cash generation. As Kjetel mentioned, we continue to expect activity levels to come down in 2026, forecasting revenues between NOK 45 billion and NOK 50 billion for the full year.

At this early stage, we expect the EBITDA margin to be in the range of 7% and 7.5% for the full year, excluding net income from SLB OneSubsea. CapEx is expected to be around 1% of revenues. While working capital is expected to continue its normalization to a level between negative NOK 4 billion and negative NOK 6 billion over time. Based on our robust financial position, the Board will propose a cash dividend of NOK 3.6 per share for 2025, pending approval in the Annual General Meeting to be held in April.

Thank you for listening. That was the end of our presentation. In a few moments, we will open up for questions.

Okay. We will start with a few questions from Martina Kverne in Nordea. The first question is if you can give an update on when the legacy lump sum projects are finished?

They are all currently in offshore mode. We have installed them, and they are completed structurally, and we are currently working on the commissioning part of the project and we completed all of it in 2026.

Moving on to two questions on the tender pipeline. Whether Wisting is included. And also, if you can elaborate a bit on the split between Renewable, Field Development and Life Cycle.

Start by saying that Wisting is really high on our agenda, and we are working closely with Equinor on behalf of the license owners to look at the optimal concept and really helping them to make this a viable project. That's a super important work for us. It's not currently included in the tender pipeline numbers because it's in an early phase still.

And then the split is, I would say, balanced. We are working on the classical greenfield oil and gas projects. But perhaps link it common to Life Cycle. We have in the start of 2026 and now we've gotten the important continued relationship with Equinor with many exciting agreements and tasks. And part of those agreements is actually not specific yet on what kind of work. So they are sort of empty contracts. But we know that with the ambitions of Equinor and other operators on the Norwegian continental shelf with, for instance, 75 subsea tiebacks that can potentially be filled with quite a lot of life cycle work going forward.

Moving over to a few questions on OneSubsea. They announced a target of $9 billion in cumulative orders. Can you talk a bit about the timing and maybe also elaborate on the dividend expectations?

Thank you. I will. And the $9 billion is in U.S. dollars. So that is important. And the $9 billion is a target for the next 2 years. So '26 and '27 to secure $9 billion in new orders.

In addition, SLB OneSubsea is sitting with an order backlog of $4.7 billion. So achieving $9 billion over the next couple of years with the current backlog is providing a solid and good visibility for activity level going forward. Currently, they are around $4 billion a year and with healthy margin close to 20%.

And as we have seen, we received NOK 841 million for dividends from SLB OneSubsea during 2025. And the dividend policy is a good dividend policy for the shareholders. All excess cash is going to be distributed to the shareholders. And the current cash position at year-end was at NOK 5.7 billion. So with, call it, cash generation from the earnings that we expect in 2026 together with the cash position they're sitting on, we expect healthy dividends also for 2026 and onwards.

Moving to a question on the Aker BP projects where you are noting good progress. Any upside to the margins in 2026?

For a project like this, there are incentive mechanism in place. And normally, they -- most of the sort of incentive mechanism are towards the end of the project lifetime and also linked up to start-up. We don't disclose or come with guidance on margins on specific contracts or segments. But as you can see from our guidance for 2026, we are guiding a margin of 7% to 7.5% at this stage. And with Life Cycle being a business that is currently at around 7.2%, you will understand that the Renewable and Field Development segment will be in the range that is in line with the group estimates.

Thank you. Then moving over to a question from Oscar Ronnov in Kepler. If you can comment on how margins of new contracts signed in 2024 and also now in the beginning, '25 and into '26, how does that compare to the legacy portfolio? And if you're seeing a material step-up in underlying margins or risk returns on new awards?

I think the most important thing that we did and we communicated that clearly is some of those contracts that we signed in '21, '22, didn't have the right risk reward balance. We have, therefore, communicated that we will be very selective and make sure that we have the right risk reward balance on contracts that we are signing. That is what you have seen of the contracts that we have signed in '24, '25 and now into '26 with healthy margins.

Renewables portfolio, we have not been satisfied with those on a historical one. However, that was the first generation. The second generation has healthy margins. And renewable projects are competing with oil and gas projects for our own internal resources. And we are requiring margins on renewable projects in line with our oil and gas projects. So healthy margins in the portfolio.

Next question, how do you look at the potential future projects in the U.S.A., especially in wind industry under the Trump administration? Did the sentiment changed after the recent rhetoric?

It's quite obvious that the sentiment and the opportunities in this period of Trump administration has changed. And our role in this is obviously to work closely with our key clients, and they are looking at changing focus just now that has been seen and particularly towards Europe and back to what we are tendering for and potential project, that's where the major wind opportunities are currently worked on from our side.

Back to U.S., we do have office in U.S. and with consultancy Entr focus. And there, we are working on exciting new opportunities around, for instance, CCS, but also within classical oil and gas industry. And just to make another connection, those kind of jobs in the U.S., particularly onshore, is also supported from our experienced Indian engineering muscle.

Then a question from Martin on the structural competitive advantage of Aker Solutions that you believe can support a sustainable returns above cost of capital.

Well, that's a big question. It's almost our whole strategy. But I think what you see is that we tend to be sort of a key and closest partner to our clients, and that's the role we want to grow further. And I think we are preferred in many instances on that because we have the totality of the engineering through our very experienced engineering organization. We're also the ones that are handling and orchestrating the totality of the project puzzle when it comes into execution.

Back to our strategy, what we are also careful about is that we know what we are really good at. We have a core business that we are improving, but also growing and also do that around our existing hubs so that we are taking careful steps outside those. And then I think also as a company, we are in a place where we have taken onboard the challenge and realized that we have to change, we change together with clients, but also orchestrating change and improvements in the whole supply chain.

I think there are a few companies that can take that role, and we are one of them, for instance, within maturing and developing a digital and AI-based operational model and bringing that out to the rest of the supply chain.

Maybe then elaborating to Idar if there are any key drivers of returns on invested capital expansion in terms of margin development, capital intensity and reinvestment efficiency.

Yes. I think I sort of point back to my guidance for next year or this year in '26 where we have put out our guidance NOK 45 billion to NOK 50 billion in turnover and then with a margin of 7% to 7.5% range. CapEx is going to be sort of lower than what we have had recently. We are now capitalizing on our CapEx and investment that we have done over the last few years.

So we expect CapEx to be around 1% of revenues. We expect the working capital to normalize a bit more than what it is currently at minus 6.5% to a level of around minus 4% to minus 6%. When you combine all this, we should be in a position that generate healthy cash flows also going forward, being able to serve our shareholders as well. And in addition, as we spoke about earlier in this call, healthy dividends are coming in from our ownership in SLB OneSubsea close to NOK 850 million for last year.

Moving then over to a question from Jorgen Lande. If you can elaborate on the NOK 80 million net income from OneSubsea and the details of the provisions for one-off costs related to integration and restructuring.

Yes. What you should read into this is when the 2 companies combined, Aker Solutions and SLB, there was certain plans for taking out synergies and restructuring part of it, and this is part of that program. So this quarter, a bit more than what you have seen historically and you should consider this as a one-off cost in the quarter. And as we have stated in our comments to this, if you adjust for this, the earnings is more in line with previous quarters.

Perhaps I'll just add. Preben, you know, we are following this closely, obviously. And we are doing a very good and optimal things both when it comes to structure and system harmonization on the people structure and then also the actual facilities taking out the synergies that Idar is alluding to.

Okay. Should we then move to -- there's a few questions from Erik Aspen Fossa in Sparebank. As visibility into next year improves, what is the outlook for 2027?

Yes. I can probably start. First of all, we have provided our guidance for 2026. We have secured order backlog around NOK 15 billion for 2017. However, we have a tender pipeline of around NOK 80 billion. And of course, a result of those tenders will impact '27.

In addition, the frame agreements in Life Cycle. And as you have picked up, we was awarded the frame agreement from Equinor, now in the first quarter in January 2026. That will also come on top and have impact for '27 as well as other contracts that we are currently in the tender phase that will be concluded shortly. So we expect, of course, the backlog to increase when we come a bit closer to '27.

So perhaps add on the MMO part of us, having these long-term frame agreements, not only Equinor but also the ones that we won last year. That's a starting point with an expected volume. We are then becoming close to the assets and the organization on the client side, and that positions us really well for projects that are mature and comes on top of the already planned volume of work.

Thank you, Kjetel. I see there's a few similar questions on what the strategy and ownership agenda for our 20% holding in OneSubsea. Is it a long-term part of Aker Solutions asks Martin Huseby Karlsen.

Yes. As I said, you are closely linked and collaborating with SLB OneSubsea. We have to also remind ourselves that we are actually an important supplier from both our Egersund yard and our organization at large towards the tasks and projects that OneSubsea picks up. So that's a good position to be. And then obviously, our ambition is to build them to be the largest subsea player worldwide.

Yes. And there was also a question about SLB shares that we are owner of. And those shares was allocated in connection with the transaction to us or part of the payment. We consider that as cash and cash equivalent like and can be converted to cash quite quickly if we want to do that. And when it comes to the shareholding, 20% shareholding that we have in SLB OneSubsea, as we have spoken about, this is a good business. It's a growing business and interesting business to be in. And therefore, there is no sort of plan to exit from that one.

A few questions from Victoria McCulloch from RBC on OneSubsea. If you can comment a bit on your views or your expectations in 2026 in terms of margin, in terms of order intake and market share. If you can elaborate a bit more on the targets and the performance of the entity.

Well, first of all, on the outlook, a bit more general. They are world-class in both the sort of subsea production system delivery part. They are class in umbilical and cable part. They are world-class in, I would say, really world leading on the subsea processing kind of projects and also in the more sort of Life Cycle aftermarket service segment. And my take is that the way forward looks promising, and we are currently winning work from that side, which makes the months and years ahead, looking really good also, capturing projects with new clients that broadens the footprint and opens up new opportunities.

Then a question from Kim Uggedal. If the Q4 dividends from OneSubsea is a new run rate? Or what should we think about it in 2026?

Yes, the Q4 dividend was more than NOK 400 million in 1 quarter. I guess that is a bit higher than what we expect to see every quarter. However, the yearly sort of effect that is there is at least within reach when you look at the cash conversion that SLB OneSubsea is able to do.

Then moving on to a question from Kim Uggedal on the order intake in Renewable and Field Development, which was very strong consider that we did not announce any contracts. And whether this is predominantly related to scope on the NCS portfolio or additional scope on HVDC platforms or other projects?

There are increased scope in some of the projects, and it's also a growth in the portfolio. However, the largest element is a catch-up effect from third quarter. Aker BP updated our CapEx forecast in the third quarter. We were allocated a substantial part of that one in the fourth quarter. So there is a catch-up from third quarter, that is the majority of the figures that is unannounced in fourth quarter for us. This has to do with approval of milestone -- new updates on the CapEx estimate and allocating it to the suppliers.

Question from Martin Huseby Karlsen, DNB on the tender pipeline of NOK 80 billion. Is that as end of Q4 or as of today? And how much of the volume is related to Equinor?

Well, that tender pipeline is as of end of Q4. And now currently, as we said a few times now, the Equinor MMO volume is the starting point really for those contracts is the expected volume planned that are already. And then on top of that, as I said, we will compete for jobs then that are larger and linked to, for instance, all the subsea tiebacks they are planning.

And maybe elaborate that it's the -- what we expected and not the full tender value that was set out to all the participants in the tender.

And just remind everybody about that one, then we booked it now in the first quarter, and it's more than NOK 10 billion on that contract.

Then a question on the margin guidance, Idar, whether it includes provisions or incentives or for the incentives for projects.

Yes, the margin guidance for 2026 is for the group. And as I mentioned earlier on today, this is a combination, of course, of -- and this is excluding OneSubsea and the ownership of that one. So the earnings from that comes on top, but the 7% to 7.5% is then for the remaining part of the group, and it consists basically of Life Cycle that has currently delivered 7.2% last year. And then it's -- the rest is basically in Renewable and Field Development. So meaning Renewable and Field Development is having a margin that is more or less in line with the group figures.

Thank you, Idar. It seems that we have no further questions. So from us here, it's time to close off the session. And thank you all for listening in.

Good morning, and welcome to Aker Solutions presentation of our third quarter results. My name is Preben Ørbeck, and I'm the Head of Investor Relations. As usual, I'm joined by our CEO, Kjetel Digre; and our CFO, Idar Eikrem, who will take you through the main developments of the quarter.

After the presentation, we have time for questions. Those of you who are following the webcast can submit your questions via the online platform.

And with that, I leave the floor to Kjetel Digre.

Thank you, Preben, and welcome to everyone tuning in. As always, let me start the presentation with the main messages for today. First and foremost, I'm pleased to report that we continue to deliver solid financial results in a period of high activity.

Our third quarter revenues were NOK 17 billion, which is an increase of almost 30% from the same period last year. And we delivered an EBITDA margin of 8.8% in the quarter or 7.2% if we exclude net income from SLB OneSubsea. In Aker Solutions, our core focus is to deliver predictable project execution. And during the quarter, I'm pleased to report that we met all key milestones on the Aker BP portfolio and celebrated the official opening of the record-breaking Ormen Lange Phase 3 project at Nyhamna.

And speaking of high activity. Based on our secured backlog, we now expect revenues for the full year of 2025 to exceed NOK 60 billion. To put this into perspective, this represents more than 3x our revenues in 2020 and 2021 when excluding the Subsea division. However, as we mentioned in our second quarter presentation, we expect activity levels to come down in 2026. Market conditions are changing, and we need to adapt. But fortunately, that is how we have always operated.

First of all, we have a scalable business model that is designed to respond to cycles. We are also improving efficiency throughout our organization and in our projects, implementing new digital solutions and robotics to reduce cost and time to first energy. I'll talk more about this later. But first, I will take you through some of the operational highlights of the quarter.

Let me start again with the Aker BP portfolio. I'm encouraged to report that the projects are progressing according to plan. As you saw from the introduction video, several important milestones were met during the third quarter. Let's start with 3 highlights from the Hugin A project. In July, we celebrated the sail away of the massive 22,000-tonne jacket substructure from our yard in Verdal. The jacket was later successfully installed at the Yggdrasil area in the North Sea.

And at Egersund, the utility model was successfully loaded out and transported to Stord for final assembly. And in late September, another critical milestone was met when this wellbay module arrived at Stord from our partner yard in Dubai. Progress was also good on the Valhall PWP and the smaller Hugin B and Fenris projects in the period.

In addition, our Life Cycle segment is actively engaged in modifying existing infrastructure on the Valhall central complex and on the Skarv FPSO. Across the Aker BP portfolio, I continue to be impressed by how teams across Aker Solutions and the alliance partners are working together to deliver these complex projects. Some projects are also leaving our yards to start the offshore installation and commissioning phases. One example is the Jackdaw project, where the topside was successfully loaded out from Verdal and installed offshore in the U.K. This is a so-called not permanently attended installation, enabling lower manning and cost-efficient production from the gas reservoir.

Moving over to Ormen Lange. In August, we celebrated the official opening of the Ormen Lange Phase 3 project together with SLB OneSubsea, Subsea 7 and Shell. Aker Solutions has been responsible for the integration of the subsea compression system with the Nyhamna onshore gas plant. This includes the delivery of a 500-tonne module providing power, cooling, heating and ventilation for the offshore project.

SLB OneSubsea has been responsible for the subsea compression system, which enables increased recovery from the Shell-operated Ormen Lange field. I think it's worth mentioning that the project has set a few records when it comes to subsea work. One is for the deepest installation of a subsea compression system in water depths of more than 900 meters. It also set a new record for the longest subsea step-out, delivering gas to the Nyhamna plant more than 120 kilometers away.

We are also working together with SLB OneSubsea and Subsea 7 on the Jansz subsea compression project for Chevron in the Western Australia. Aker Solutions is responsible for the delivery of about 30 modules to what will become part of the world's largest subsea compression system, weighing approximately 6,500 tonnes. Deliveries of modules from our Egersund started in early October this year with the final transport to the field planned in the fall of 2026.

Next, I wanted to highlight our progress on what we have called the second-generation renewables projects. These are projects we have taken on with balanced risk reward profiles and joint focus on standardization to drive down project costs. On Norfolk, we are progressing as planned on the 2 HVDC platforms executed in our joint venture with our partner, Drydocks World, seeing significant benefits in copying effects from the first to the second topside. We have also started work on the jackets for these platforms, taking advantage of our state-of-the-art robotic production line at Verdal.

Lastly, I wanted to touch upon our hydropower business. Personally, I'm very happy to see that hydropower, which is a growing market, is back as a key offering to our energy clients. I don't know of many companies that can brag about having 150 years experience in this market, but we do. From our state-of-the-art facilities at Tranby, featuring Europe's largest mill-turn machine, we are supporting hydropower's new role in the energy mix, providing flexible and reliable power when society needs it.

One example is the Svean project for Statkraft, where Aker Solutions is delivering all electromechanical equipment. This delivery is key to modernizing the Svean plant with a target of providing 10% more electricity through higher efficiency using the same resources.

All in all, I'm pleased to see that we continue to deliver predictable project execution across our portfolio, and I would like to recognize the contribution of our 12,000 employees as well as the thousands of subcontractors and hirings who make this possible through their expertise, dedication and teamwork.

Next, I will talk about our tender pipeline and market outlook. At the end of the third quarter, our active tender pipeline stood at about NOK 75 billion. This was a slight reduction from the second quarter, mainly driven by the announced cancellation of Equinor's electrification projects in Norway. In the current environment, the market conditions are getting tougher, especially for new investments within renewables and transitional energy solutions.

A key part of our response is to work closely with both developers and our delivery partners to mature commercially viable projects. This relates both to the adoption of new tools and technologies such as AI and robotics, but also how we work together to come up with innovative concepts and designs that enhance efficiency, reduce costs and reduce delivery times.

This joint improvement agenda is also highly relevant within oil and gas, where we are currently in the process of renegotiating several important long-term frame agreements for maintenance and modification services. And we're also working with clients to mature several greenfield oil and gas opportunities with the aim of turning them into future projects.

So to summarize, the last 5 years have been a remarkable growth and transition journey for Aker Solutions. And I'm very proud of the fact that we continue to deliver solid financial results with such a high workload across our locations. This is a true testament to the capabilities of our 12,000 employees and the culture that we have developed together. At the same time, we recognize that the market is changing around us and that our activity levels will go down in 2026.

That said, adapting to change is not something new in Aker Solutions' 180-year history. As mentioned, we have a scalable business model, enabling us to ramp up and down activity. Furthermore, we are working closely with our clients to mature new opportunities, both in traditional oil and gas and within renewables and transitional energy solutions.

And finally, our financial position remains robust. This gives us a strong foundation to continue developing the company and generate solid returns for our shareholders over time.

And now I will pass the word to Idar, who will go over the numbers in more detail.

Thank you, Kjetel. I will now take you through key financial highlights for the third quarter, our segment performance and run through our financial guidance. As always, all numbers mentioned are in Norwegian kroner, unless otherwise stated.

So let me start with the income statement. The third quarter revenue was NOK 17 billion, up 29% from the same period last year. The underlying EBITDA was NOK 1.5 billion with a margin of 8.8%. If we exclude the net income from OneSubsea, our underlying margin was 7.2%, in line with our guidance for the full year. The underlying EBIT was NOK 1.1 billion with a margin of 6.6%. And the underlying net income was NOK 863 million, representing an earnings per share of NOK 1.79 in the quarter.

Now let's take a look at the cash flow. Our financial position remains robust with a net cash position that increased to NOK 2.5 billion in the quarter. Operational cash flow in the period was around NOK 400 million. This was mainly driven by EBITDA contribution from our operating segments as well as reversal of working capital of about NOK 550 million.

CapEx in the period was NOK 94 million, representing about 0.6% of revenues in the quarter. And lastly, the quarterly dividends received from our 20% stake in SLB OneSubsea was NOK 142 million.

Now let's take a closer look at our segments. For Renewables and Field Development, the third quarter revenue increased to NOK 12.5 billion, representing a year-on-year growth of 36%. The underlying EBITDA in the quarter was around NOK 1 billion with a margin of 8%. The legacy lump sum project continued to be a drag on the margins in the period. However, I would also like to mention that margins on the second-generation renewable projects are healthy.

The order intake in the period was NOK 7.1 billion, leading to a secured backlog of NOK 41 billion at the end of the quarter. Based on the secured revenues and backlog, we now expect the revenues in this segment to be around NOK 45 billion for the full year of 2025, representing a growth of about 20% from 2024.

For the Life Cycle segment, the third quarter revenue came in at NOK 3.8 billion. This is a 10% increase from the same period last year. The underlying EBITDA was NOK 275 million with a margin of 7.2%. Order intake was NOK 2.6 billion or 0.7x book-to-bill. The backlog was NOK 19.1 billion, dominated by long-term frame agreements and reimbursable modification project with long-term customers. Based on the secured backlog and market activity, we expect revenue in Life Cycle to be around NOK 15 billion for the full year of 2025, representing a growth of about 15% from 2024.

Moving to our financial performance of the SLB OneSubsea here shown as 100% basis translated into Norwegian kroners. You will also see that we have added some more detailed financial information about SLB OneSubsea in the appendix to this presentation. In the third quarter, OneSubsea reported revenue revenues of NOK 9.9 billion. For the first 3 quarters of 2025, revenues for the company were about NOK 30 billion.

The EBITDA in the quarter was about NOK 1.8 billion with a margin of 18.4%. The margin in this quarter was negatively affected by change in revenue mix and one-off cost on our legacy project. Underlying execution, however, remains strong. So far in 2025, the company has delivered an EBITDA margin of 20%.

Net income for the entity was around NOK 1.1 billion before PPA adjustments. After this adjustment, Aker Solutions recognized NOK 295 million for our 20% share. I should mention that these figures include a NOK 95 million catch-up effect from our second quarter reporting as actual performance was better than forecasted.

In the first 3 quarters of 2025, Aker Solutions has recognized about NOK 670 million in net income from OneSubsea into our financial figures. The backlog for the company was NOK 47.3 billion at the end of the quarter. Order intake in the period was about NOK 11.5 billion or 1.2x book-to-bill. This includes the award of a 12-well all-electric subsea production system for the Fram Sør field for Equinor.

The company expects order intake to increase towards the latter part of the year, positioning the company for growth in 2027 and onwards. As you can see, SLB OneSubsea is an important contributor to Aker Solutions' financial performance and value creation. Since the closing of the merger, SLB OneSubsea has built up a solid net cash position of about $440 million. The company has an attractive dividend policy with a target to distribute about $280 million to its shareholders in 2025. For Aker Solutions, this represents a dividend of -- at current exchange rate of between NOK 550 million and NOK 600 million this year.

Now to sum up. In the third quarter, we continue to deliver solid financial and operational performance. As we have said before, the legacy lump sum projects have been both operational and commercially challenging. Commercial discussions are still ongoing with both clients and subcontractors to solve these commercial challenges.

Based on our secured backlog and market activity, 2025 revenues is now expected to exceed NOK 60 billion with an EBITDA margin in the range of 7% to 7.5%. As mentioned, at this early stage, we expect activity levels to come down in 2026 with revenue forecasted to be around NOK 45 billion.

SLB OneSubsea is an important contributor to the financial performance of Aker Solutions. The company has built up a solid net cash position and is on track to distribute about $280 million to its shareholders in 2025. At current exchange rate, this implies a dividend to Aker Solutions of about NOK 550 million to NOK 600 million this year.

CapEx for 2025 is estimated to be around 1% of revenue. And lastly, working capital is expected to normalize to between negative NOK 4 billion and negative NOK 6 billion over time.

That was the end of our presentation. So thank you for listening. In a few moments, we will open up for questions.

Okay. The first question comes from Erik Fosså in SpareBank 1 Markets. Can you talk about the disappointing AR7 budget and how it affects your business, particularly looking at the Vanguard East and the Vanguard West projects?

Yes. First of all, a comment on U.K. If you look at the regions where we are involved and energy transition efforts and renewables, one of the places that are really both predictable and forward-leaning with ambitions is U.K. So that's one comment. I think this will develop and offshore wind is going to be a key to U.K. going forward.

And then to this specific question. In Norway, we have our relation with our client RWE. And in those projects that I mentioned, the Norfolk, Vanguard East and West, we have milestones to reach and the projects are progressing very well as seen in the video here. The things are puzzling together in a predictable way. And we will just continue to deliver that in good sort of coordinated fashion together with our clients. So no big issues there, and we are pushing on. On the OneSubsea...

And there is a follow-up from Erik Fosså on if you can give some indication on what to expect in SLB OneSubsea in 2026?

Just to start off just with the OneSubsea part of it, we are closely coordinated, obviously, through our ownership there. And what we see in different regions, for instance, in the NCS is that the subsea is a solid and healthy brick in the puzzle for energy projects. And for instance, the Norwegian continental shelf is going into an area where lifetime extensions, subsea tiebacks and also bigger greenfield subsea projects and also more complex technology elements like the compression project that is going to be stable/increase. And so that's what we see in our OneSubsea sphere.

Yes. Just to add to this, you will also see in this quarter that we have provided some additional information of the historical performance of OneSubsea since the establishment. So that should help you. And with the combination of market information, you should be able to sort of make some assessment of what the 2026 could bring.

Moving on to a question from Lukas Daul in Arctic. What are the main factors that can impact your preliminary 2026 guidance?

Yes, our preliminary guidance for '26, as you can see, we have came out with the top line guidance and that we have put NOK 45 billion in top line, which is a reduction from current level of NOK 60 billion plus and that was expected due to the high activity level that we are currently doing.

Moving on then to a few questions from [indiscernible]. I can start with the first, Aker BP has increased the CapEx guidance on the key development projects. How does this affect Aker Solutions as an alliance partner?

Well, first of all, I guess, information about projects and the status is something that we really get from Aker BP. Our part of it is that we are engaged as an alliance partner in big projects, many of them in different parts of the asset setup of Aker BP and the projects are on track, both when it comes to progress, when it comes to quality, safety and also the sort of the main prognosis of reaching the start-ups as planned.

CapEx is then always a combination of potential new scope, which we know is part of some of these projects and then also how we, along the way, are taking actions to make sure that we are delivering within Aker BP's sort of frames and budgets. So -- and as an alliance partner, we are in a peak activity and many of us, including myself, are spending a large and a major portion of our time actually to safeguard these projects in a good sort of collaborative way in these alliances.

Next question from [ Neil ] when do you expect the conclusion of the multiyear life cycle frame agreements that are currently on tender?

Yes. I would say it's quite a sort of a special timing now because many of them, almost all of them has been up for renewal. And I think without sort of commenting this firstly, what is really a great opportunity is that all our clients on these contracts are inviting for a common improvement push, and that's what we are right in the middle of now. And then these things will then -- it's back to the clients sort of decisions to when they are ready, but it will be in the months to come that these things will be clarified both in Norway, but also in, for instance, Canada. Anything to add, Idar?

No.

The third question from [ Neil ] did you make any loss provisions related to the legacy projects in the third quarter?

Yes, that also cover another question that we have got on this provision line that you can see in the balance sheet, there is a reduction of NOK 100 million roughly from second quarter to third quarter. In that provision line, you will have 3 elements. One is onerous contracts, loss-making contracts, which is going down in the provision. And then you have a warranty provision on ongoing project, and those have increased during the quarter of natural reason of progress. And the last element that goes into that line is all other provisions that we have in addition to the 2 first ones.

Thank you. Next question from [ Neil Agnus ] whether it's sustainable with a CapEx of only 1% in Aker Solutions?

Perhaps I can start just on referring back to the activity package. That's what we are right in the middle of now to deliver on. And when launched, pointing at all these oil and gas opportunities that we are now realizing, it came with an expectation and pointing at opportunities to both sort of modernizing the industry engaged in oil and gas and then also gradually make sure that we are ready to take on tasks and responsibilities in the new energy verticals. So that's what's been happening now for 3 to 4 years. We have been investing billions in our yards to upgrade to be more efficient, to be safer, and we also invested in the competence of our people. And all in all, this was necessary to be able to push through the activity level that we're actually engaged in just now. Historically, Idar, perhaps you can comment.

Yes. No, it's correct what you are saying. And now we are in a phase where we actually are capitalizing on the investment that we have done over the last few years. We have enlarged our capacity quite significantly. And revenues for next year is forecasted to be NOK 45 billion and 1% is sort of the CapEx guidance for that year due to the -- we can capitalize on the investment that we have done. Any sort of CapEx over and above that needs to be sort of separate business cases that would be good for us and shareholders to do, and then we will announce that separately as a special case.

Excellent. That seems to be -- there seem to be no further questions from the audience. So with that, thank you all for listening in and from everyone here. Goodbye.