Aker Solutions Good execution, but still searching for the earnings floor

Research evidence excerpt

Aker Solutions Good execution, but still searching for the earnings floor

. But, without positive earnings momentum, we find it difficult to Price Performance Exchange-OL

think that the stock is seen as other than a dividend play and it could become a value trap. 52 Week range NOK 46.80-22.97

With numbers up by 10% at the EBITDA level for 2026 and trimmed by 5% for the 2027-28

period, we reduce our P/E derived price target to NOK48/share and remain Underweight.

Next-generation renewables creating future opportunities: While near-term offshore wind

markets remain uneven, Aker Solutions appears increasingly focused on developing higher-

quality opportunities across next-generation energy markets. Management highlighted a

significant expansion in CCS-related activity, with second-generation projects now in execution

and early-stage opportunities progressing through FEED studies, strategic partnerships and Source:Link to BarclaysIDC Live for interactive charting

memoranda of understanding. The company also continues to build momentum in hydropower

through the Tussa II project and sees SMRs (Nuclear) as a potentially material long-term growth

European Energy Servicesplatform, targeting engineering scopes before larger construction opportunities emerge from

Mick Pickup2029. Importantly, management believes second-generation projects are benefiting from

+44 (0)20 3134 6695

improved execution models, greater standardisation and better risk-sharing structures, mick.pickup@barclays.com

supporting more attractive returns than many first-generation energy transition projects. Barclays, UK

Pratik Kadam

+91 (0)22 6175 2301

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies pratik.kadam@barclays.com

covered in its research reports.