Aker Solutions: Solid quarter

Research evidence excerpt

Aker Solutions: Solid quarter

Equity Research

European Energy Services

14 July 2026

Aker Solutions

Solid quarter

First LookA beat and raise from Aker Solutions should support the stock

Aker Solutions delivered a solid 2Q26 result, with revenues broadly in-line with AKSOL.OL/AKSO NO UNDERWEIGHT

expectations, but profitability ahead. EBITDA beat our estimate by a strong 9% and European Energy Services POSITIVE

consensus by a decent 5%, driven by strong execution and profit recognition in Price Target NOK 49.00

Renewables & Field Development. Order intake remained below revenue at 0.8x book-to- Price (13-Jul-26) NOK 45.80

bill, but the key takeaway is the upgrade to FY26 revenue and margin guidance, signalling Potential Upside/Downside +7.0%

increasing confidence in activity levels and project execution. Source: Bloomberg, Barclays Research

Strong execution supports earnings: Revenue of NOK13.1bn was broadly in-line with our

estimate and 3% below consensus. Renewables & Field Development generated NOK9.0bn of

Mick Pickup

revenue, while Life Cycle contributed NOK3.6bn. Despite the modest top-line performance,

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operational delivery remained strong across the portfolio, supporting better-than-expected mick.pickup@barclays.com

profitability. Barclays, UK

Renewables & Field Development drives EBITDA beat: Underlying EBITDA was NOK1.2bn, a Pratik Kadam

+91 (0)22 6175 2301strong 9% beat versus our forecast and a decent 5% ahead of consensus, corresponding to a

pratik.kadam@barclays.com

9.2% margin. Renewables & Field Development delivered NOK846mn of EBITDA and a 9.4%

Barclays, UK

margin, benefiting from solid execution and profit recognition from second-generation

renewables projects. Life Cycle generated NOK267mn of EBITDA with a 7.4% margin. The