Aker Solutions raises full-year 2026 revenue guidance to NOK 50–55 billion ($5.18 billion-$5.70 billion) after solid second-quarter results
AI-madeAker Solutions pulled in NOK 13.1 billion ($1.36 billion) in revenue and a 9.2 percent EBITDA margin for Q2 2026 — and that was enough for the Norwegian energy services company to raise its full-year guidance. The new revenue target sits between NOK 50 and 55 billion ($5.18 billion and $5.70 billion), a bump that reflects real confidence in its project pipeline and what’s already locked into its backlog.
Q2 2026 results at a glance
The numbers are pretty straightforward. Revenue hit NOK 13.1 billion for the quarter, EBITDA came in at NOK 1.2 billion ($124.2 million), and the resulting margin was 9.2 percent. Strip out the contribution from SLB OneSubsea — the subsea joint venture where Aker Solutions holds a 20 percent stake — and that margin drops to 7.9 percent. The company reports both figures consistently, and for good reason.
Earnings per share for the quarter landed at NOK 1.37 ($0.14).
“These efforts increase value for our customers while strengthening our competitiveness and creating more opportunities for Aker Solutions,” he added.
On new work, Aker Solutions booked NOK 9.9 billion ($1.02 billion) during Q2, a book-to-bill ratio of 0.8x. Below 1x, yes — but the secured backlog at quarter-end stood at NOK 77.2 billion ($8.00 billion). That’s a substantial cushion, and a clear signal of revenue visibility heading into the back half of the year.
Factors behind the quarterly performance
A couple of operational milestones stood out. The load-out of the Hugin B topside for Aker BP marked a significant delivery step in an ongoing program, while construction kicked off on second-generation carbon capture and storage (CCS) projects in Norway — another sign of the company’s expanding footprint in the energy transition space.
Order wins added texture. Key awards included a contract for an HVDC substructure, supply of all electromechanical equipment for the Tussa II hydropower plant, a long-term frame agreement with Cenovus Energy in Canada, and several other project commitments. The Cenovus deal in particular extends Aker Solutions’ reach into North America.
The balance sheet held up well. A net cash position of NOK 4.3 billion ($445.1 million) — including investments in liquid funds — gives the company room to maneuver and backs up the confidence behind the guidance revision.
Half-year 2026 figures and shareholder distributions
Pull back to the first six months and the picture stays solid. Aker Solutions posted NOK 26.5 billion ($2.74 billion) in revenue and NOK 2.4 billion ($248.4 million) in EBITDA, with a half-year margin of 8.9 percent — or 7.8 percent once you exclude the SLB OneSubsea contribution.
Earnings per share for the first half reached NOK 2.67 ($0.28).
There was also a notable move on shareholder returns. During Q2, Aker Solutions distributed NOK 4.2 billion ($434.7 million) in combined ordinary and extraordinary cash dividends — a meaningful payout that reflects both financial health and a clear commitment to returning value. Half-year order intake reached NOK 38.7 billion ($4.01 billion), a book-to-bill of 1.5x, which is a stronger ratio than the standalone Q2 number suggests and points to an especially active Q1 on the contracting side.
Revised full-year guidance and SLB OneSubsea outlook
With the first half done, Aker Solutions moved its full-year 2026 revenue guidance up to NOK 50–55 billion ($5.18 billion-$5.70 billion). The underlying EBITDA margin — excluding net profit from SLB OneSubsea — is expected to land at around 7.5 percent for the full year.
The SLB OneSubsea stake stays a meaningful part of the story. Distributions from the joint venture are expected to increase in the second half of 2026, with full-year distributions projected to come in broadly in line with 2025 levels. That’s precisely why the company always shows both margin figures: the joint venture adds income that sits above the core operating margin, so including or excluding it changes the read significantly.
Company context and strategic direction
Aker Solutions works across oil and gas, offshore wind, hydropower, and carbon capture. That spread is increasingly relevant as energy markets shift, and the quarter’s order wins across multiple verticals reflect exactly that diversification.
The company is now gearing up for a heavy delivery phase, particularly for Aker BP. CEO Kjetel Digre flagged that ramp-up as a defining feature of the coming periods. “We continue to meet milestones across a broad range of projects, and we are gearing up for major deliveries to Aker BP,” he said.
Digre also pointed to improvement initiatives being developed jointly with customers. “These efforts increase value for our customers while strengthening our competitiveness and creating more opportunities for Aker Solutions,” he added. The framing suggests operational collaboration — not just contract wins — is central to how the company thinks about long-term positioning.
The NOK 77.2 billion ($8.00 billion) secured backlog remains the clearest signal of near-term stability, giving Aker Solutions and its investors a concrete line of sight into future earnings even as broader energy market conditions keep evolving.
An EBITDA margin of 9.2 percent
Aker Solutions posted Q2 2026 revenue of NOK 13.1 billion and an EBITDA margin of 9.2 percent. First-half revenue reached NOK 26.5 billion ($2.74 billion), with a margin of 8.9 percent. Full-year 2026 revenue guidance is now NOK 50–55 billion ($5.18 billion-$5.70 billion), with an underlying EBITDA margin of around 7.5 percent excluding SLB OneSubsea. A net cash position of NOK 4.3 billion ($445.1 million) and a secured backlog of NOK 77.2 billion ($8.00 billion) round out the picture heading into H2.
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