Aker Solutions Revenue Hits NOK 13.5 Billion as Focus Turns to 2027 Decline
Key Facts
Aker Solutions reported revenue of NOK 13.5 billion in the third quarter of 2026, EBITDA of NOK 1.3 billion, a margin of 9.6% and earnings per share of NOK 1.45, excluding special items. The company said revenue met expectations after activity peaked in 2025. Year on year, revenue fell from NOK 17.0 billion in the third quarter of 2025, while the reported EBITDA margin rose from 8.8% to 9.6%. The figures depict a quarter in which the company delivered results in line with its estimates as it prepares for lower activity next year. The company announced that it would publish its third-quarter results on October 28, 2026, the same date listed for the results presentation in its financial calendar.
But the contribution from joint venture SLB OneSubsea lifted the reported margin: quarterly EBITDA margin was 7.7% excluding the venture’s net profit, compared with 9.6% in the reported figures. Aker Solutions owns a 20% stake in SLB OneSubsea, which recorded revenue of $1.1 billion in the third quarter, up 12% from the same period a year earlier. The joint venture’s underlying EBITDA margin was 18.5%. The comparison between the reported margin and the margin excluding the venture’s net profit shows the scale of this activity’s contribution to Aker Solutions’ results, while placing the joint venture’s revenue growth in the context of the company’s broader performance. Aker Solutions’ margin guidance for 2026 and 2027 excludes SLB OneSubsea’s net profit.
New orders totaled NOK 5.4 billion in the third quarter, equivalent to a book-to-bill ratio of 0.4, while the order backlog stood at NOK 69.3 billion at the end of the period. New orders had totaled NOK 10.3 billion in the third quarter of 2025, when the book-to-bill ratio was 0.6 and the order backlog was NOK 61.7 billion. New orders therefore declined year on year, while the order backlog increased compared with the end of the third quarter last year. On a quarterly basis, the company recorded new orders of NOK 9.9 billion and an order backlog of NOK 77.2 billion in the second quarter of 2026, with revenue of NOK 13.1 billion and an EBITDA margin of 9.2%. These comparisons place current new orders below their levels in the previous two quarters and alongside the size of the existing order backlog.
On liquidity and spending, the company’s net cash rose to NOK 5.8 billion in the quarter, including investments in liquid funds. Working capital also improved by NOK 677 million, and capital expenditure was NOK 67 million. CEO Paal Eikseth said the company achieved important milestones across its project portfolio during the quarter, adding that "this, together with solid financial performance, reflects the expertise and dedication of our employees." Operational achievements cited by the company included the sail-away of Aker BP’s Valhall PWP and Hugin B topsides. These details bring together cash, working capital and spending with the project execution developments cited by the company in its results statement.
The company expects full-year revenue of between NOK 53 billion and NOK 55 billion in 2026, and an EBITDA margin of between 7.5% and 8.0%, excluding SLB OneSubsea’s net profit. For 2027, it expects revenue to fall to a range of NOK 35–40 billion, with a margin of 7.0%–8.0% on the same basis. The company said it is reshaping its business, reducing its cost base and aligning its operating capacity with the expected decline in activity in 2027, while improving its competitiveness. The forecast puts next year’s expected revenue below the 2026 range, while the margin ranges are similar after excluding the joint venture’s profit. The company’s shares closed at NOK 38.16 in the October 27 session, up 0.10% from the previous session; that close preceded the results announcement the following day and does not provide evidence of the share price’s movement after their release.