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Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable
low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By
combining innovative digital solutions and predictable project execution we accelerate the transition to
sustainable energy production. The company had about 11,800 own employees and operations in 13
countries at the end of 2025.
The main office is in Fornebu, Norway and the parent company Aker Solutions ASA is listed on the Oslo
Stock Exchange under the ticker AKSO. The consolidated financial statements in this report include the
financial performance and position of the company and its subsidiaries collectively referred to as \u201cthe group\u201d
or \u201cthe company\u201d and separately as group companies.
Note 2 Basis of Preparation
Statement of Compliance
The consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting
Standards as adopted by the EU, their interpretations
adopted by the International Accounting Standards
Board (IASB) and the additional requirements of the
Norwegian Accounting Act as of December 31, 2025.
The consolidated financial statements were
approved by the Board of Directors and the chief
executive officer (CEO) on March 18, 2026. The
consolidated financial statements will be
authorized at the Annual General Meeting on April
16, 2026. Until this date the Board of Directors has
the authority to amend the financial statements.
Basis of Measurement
The consolidated balance sheet has been
prepared on the historical cost basis except for
certain financial assets and liabilities as presented
in note 24 measured at fair value on each
reporting date. The consolidated financial
statements are presented in Norwegian Kroner
(NOK) and have been rounded to the nearest
million (NOK million), therefore the subtotals and
totals in some tables may not equal the sum of the
amounts shown.
Consolidation
The consolidated financial statements comprise
the parent company Aker Solutions ASA and its
subsidiaries. Intra-group balances and
transactions, and any unrealized gains and losses
or income and expenses arising from intra-group
transactions, are eliminated in the consolidated
financial statements.
Translation of Foreign Currency
Assets and liabilities of subsidiaries that have a
different functional currency are translated to NOK
using the exchange rate on the balance sheet
date. Income and expenses are translated using
the average exchange rate for the year, calculated
on the basis of 12 monthly rates. Foreign exchange
differences arising from these translations are
recognized in other comprehensive income, and
presented as a separate component in equity
(translation reserve). The translation differences
are reclassified to the income statement upon
disposal or liquidation of the related operations.
Exchange differences arising from non-current
monetary receivable or payable by a foreign
operation where settlement is neither planned nor
likely in the foreseeable future, forms part of the
net investment in that entity and are also
recognized in other comprehensive income.
Judgments and Estimates
The preparation of consolidated financial
statements in conformity with IFRS requires
management to make judgments, estimates and
assumptions each reporting period that affect the
income statement and balance sheet. The
accounting estimates will by definition seldom
precisely match actual results. The main areas
where judgments and estimates have been made
are described in each of the following notes:
\u25fc Note 9 Income Tax
\u25fc Note 10 Property, Plant and Equipment
\u25fc Note 11 Intangible Assets and Goodwill
\u25fc Note 12 Impairment of Assets
\u25fc Note 13 Trade and Other Receivables
\u25fc Note 17 Leases and Investment Property
\u25fc Note 18 Pension Obligations
\u25fc Note 19 Provisions and Contingent Liabilities
The main area where significant judgment has
been made is described in:
\u25fc Note 3 Revenue
Aker Solutions acknowledge that climate change
represents an element in the application of
methodologies and models used in estimates used
in valuations and measurement of certain
accounting items. This is further described in note:
\u25fc Note 12 Impairment of Assets
New or Changed Financial Reporting
Principles
Some amendments to standards and
interpretations have become effective in 2025.
These changes did not have a material impact on
the consolidated financial statements.
IFRS 18 Presentation and Disclosure in
Financial Statements
IFRS 18 was issued in 2024, effective for annual
reporting period beginning on or after January 1,
2027. The standard introduces a standardized
structure for the statement of profit or loss, with
new required subtotals, and enhanced guidance
for aggregating and disaggregating information in
financial statements. In addition, IFRS 18 requires
disclosures of management-defined performance
measures (MPMs).
Aker Solutions is currently assessing the impact of
IFRS 18 on the financial statements, in particular
the impact on the structure of the income
statement. The most significant change for Aker
Solutions is that net profit from equity accounted
investees will be excluded from operating profit
and included in profit from investing activities.
Additionally, the requirement of classifying foreign
exchange in the same category as the items that
give rise to the foreign exchange differences will
have limited impact, as foreign exchange related
to operations are already reported as part of the
operating result.
Aker Solutions has decided not to early adopt IFRS
18, but will ensure full compliance by the effective
date.
Revenue
The revenue in Aker Solutions consists of large
engineering, procurement and construction (EPC)
contracts within the renewables and oil and gas
energy sector. The company also has engineering
contracts and frame agreements for maintenance
of various energy installations. The compensation
format is both reimbursable and lump sum, and the
contracts often include various incentive
mechanisms. Project execution is a key
component of all deliveries.
Financial Reporting Principles
Customer contracts are assessed using the five-
step model. Only approved customer contracts
with a firm commitment are basis for revenue
recognition. Variation orders are included when
they have been approved, either verbally, in
writing or implied by customary business practice.
The deliveries in the contracts are reviewed to
identify distinct performance obligations. For the
vast majority of the identified performance
obligations, control has been assessed to be
transferred to the customer over time as the
performance obligation is satisfied. Revenue is
recognized over time using a cost based progress
method, or as time and materials are delivered to
the customer. The cost progress method is
commonly used on reimbursable - and lump sum
contracts when scope of work is firm. The time and
materials method is more commonly used for
reimbursable contracts with less firm scope. These
methods are used to best reflect the pattern of
transfer of control of goods and services to the
customer.
Variable considerations, such as incentive
payments, are included in revenue when they are
highly probable. Expected liquidated damages
(LDs) are recognized as a reduction of revenue
unless it is highly probable that LDs will not be
incurred. The transaction price of performance
obligations is adjusted for significant financing
components to reflect the time value of money. Profit
is not recognized until the outcome of the
performance obligations can be measured reliably,
usually at 20 percent progress. The full loss is
recognized immediately when identified on loss-
making contracts. The loss is determined based on
revenue less direct cost (i.e. labor, subcontractor and
material cost) and an allocation of overhead that
relate directly to the contract or activities required to
fulfil the contract. Customer financed assets required
to execute the projects are presented gross in the
financial statements.
Judgments and Estimates
It can be challenging to estimate the expected
revenue and cost in the company's customer
contracts, in particular if there are operational
challenges. The most significant judgments and
estimates in the customer contracts are described
below.
Performance Obligations
Significant management judgment is sometimes
required in order to identify distinct performance
obligations in customer contracts. This includes an
analysis of the customer contract to determine if
the goods or services are distinct deliveries or
input to an overall promise to deliver a combined
system of products and services. As most of the
contracts represent a single, combined output for
the customers, contracts will normally contain one
performance obligation.
Variable Consideration
Incentive payments are integral and significant
parts of contract revenue on certain reimbursable
contracts. They can also be present in lump sum
contracts. Incentive payments include key
performance indicators, bonuses, target sum
mechanisms and productivity measures and can
potentially both increase and decrease revenue.
Most incentives are estimated using the most likely
amount. Revenue from variable consideration is
included only when it is highly probable that the
revenue will not be reversed. There is a risk that
the actual payment of incentives may differ from
the estimated amount.
Liquidated Damages (LDs)
LDs are penalties for not achieving defined
milestones on time. LDs are common in
construction contracts, but can also be present in
service contracts. If a project does not meet the
defined milestone in a contract, a provision
reducing the transaction price is made unless it is
highly probable that LD will not be imposed. A
provision for liquidated damages is treated as a
variable consideration. The estimated LD provision
is highly judgmental. The assessment of the LD
provision is based on experience from similar LD
situations in addition to client relationship,
contractual position and status on negotiations.
Total Contract Cost
The estimates of total contract cost can be
judgmental and sensitive to changes. The cost
estimates can significantly impact revenue
recognition for contracts using cost progress,
particularly in lump sum construction contracts. The
forecasting of total project cost depends on the
ability to properly execute the engineering and
design phase, availability of skilled resources,
manufacturing capacity, productivity and quality
factors, performance of subcontractors and
sometimes also weather conditions. Experience,
systematic use of the project execution model and
focus on core competencies reduce, but do not
eliminate, the risk that cost estimates may change
significantly.
Agency Relationship
Certain customer contracts include sale of goods
or services where Aker Solutions is acting as an
agent on behalf of the customer. For each
performance obligation, the distinction between
agent and principal is assessed. The assessment
affect whether revenue is presented gross (as
principal) or net (as agent). The core criterion is
whether the company controls the specified goods
or services before they are transferred to the
customer.
Note 3 continues on next page
Note 3 Revenue cont.
Different Types of Customer Contracts
The revenue in Aker Solutions arise from various contracts for the engineering, procurement, construction,
modification and maintenance within the oil and gas and renewables energy sector.
Renewables and Field Development
Deliveries include facilities for carbon capture, offshore wind and traditional oil and gas installations, topside
modules, substructures, floating production units (FPSOs), decommissioning, hook-up services and marine
operations. Most contracts last between three to five years. The contracts include a combination of FEED,
engineering, procurement, construction and installation (EPCI) of equipment. Each contract is usually
assessed as one performance obligation as the deliveries are combined in one output. The contracts may be
reimbursable, lump sum, target cost or a combination. The contracts regularly include incentives for
achievement of key performance indicators (KPIs) or penalties for late delivery. Payment terms are normally
30-45 days according to predefined milestones or monthly billing.
In 2025, significant custom duties incurred on an import to the US for one project. The process of custom
clearance when importing goods into the US was assessed as a separate performance obligation, where Aker
Solutions was acting as an agent on behalf of the customer. The duties were paid on behalf of the customer
and the customer controlled the asset at the time of import. The reimbursement received from the customer
was offset against the related payments, Aker Solutions did not earn any profit on this arrangement.
The legacy lump sum portfolio of projects have been both operationally and commercially challenging.
Discussions with clients and subcontractors to solve commercial challenges are ongoing. Until the
discussions are concluded the level of uncertainty is higher than for other projects. It is expected that
discussions with clients and subcontractors will be concluded during 2026. Management has followed the
policy for variable consideration above, when estimating the transaction price. Ongoing discussions with
subcontractors are relevant for the estimated total contract cost. Estimated total consideration to the
relevant subcontractors is included in the total contract cost using the most likely amount.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Hugin A Platform
Aker BP
2022
2026
Hugin B Platform
Aker BP
2022
2026
Valhall PWP Platform
Aker BP
2022
2026
Fenris UI
Aker BP
2022
2026
Rosebank FPSO
Altera
2023
2026
Jackdaw WHP
Shell
2022
2026
Sunrise Wind HVDC
\u00d8rsted & Eversource
2021
2026
East Anglia 3 HVDC
ScottishPower
2022
2026
Northern Lights Phase 2, Carbon Storage
Equinor
2025
2028
Celsio Carbon Capture & Storage
Hafslund Celsio
2025
2029
Norfolk Vanguard West HVDC
RWE
2025
2027
Norfolk Vanguard East HVDC
RWE
2025
2028
Balwin 1 HVDC Substructure
Dragados
2025
2029
Balwin 2 HVDC Substructure
Dragados
2025
2030
Note 3 continues on next page
Note 3 Revenue cont.
Life Cycle
Deliveries include electrification, maintenance, modification and hook-up contracts for oil and gas
installations. The contracts are mainly reimbursable, but can also include lump sum elements. The majority of
the contracts have incentive mechanisms including bonuses, target sum mechanisms, key performance
indicators and productivity measures. Each contract or purchase order under a frame agreement (FA) is
usually assessed as a separate performance obligation. The contracts usually last from one to five years.
Payment terms are normally 30 days after time and materials are delivered.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Aker BP EMM / Modific. Alliance (FA)
Aker BP
2024
2026
Equinor H (FA)1
Equinor
2026
2030
V\u00e5r Energi M&M
V\u00e5r Energi
2024
2029
Brunei (FA)
Brunei Shell Petr.
2020
2027
ConocoPhillips M&M (FA)
ConocoPhillips
2025
2032
Shell Modification Contract (FA)
Shell
2017
2028
Draugen Electrification
OKEA
2023
2028
Troll West, electrification
Equinor
2021
2027
Hebron Brownfield EPCM
Exxon
2025
2030
Angola EPC Services
Azule Energy (BP/ENI)
2024
2026
Mongstad Waste-Water Upgrade
Equinor
2024
2026
Bestla tie-back to Brage
OKEA
2024
2027
Fram S\u00f8r tie-back to Troll C
Equinor
2025
2030
1) Awarded 1Q 2026.
Revenue by segment
The following table shows the revenue from customer contracts by segment. Revenue by country is shown in
note 4 Segments.
Amounts in NOK million
2025
2024
Renewables and Field Development
46,055
38,011
Life Cycle
14,979
13,188
Other
1,168
1,002
Total revenue from customer contracts
62,202
52,202
Timing of Revenue
The satisfaction of performance obligations in customer contracts vary from a few months to as long as five
years. The order backlog as of December\u00a031, 2025 was NOK 64.8 billion, compared to NOK 60.9 billion the
year before. The table below shows the expected timing of future revenue for ongoing and not yet started
performance obligations at year-end.
Amounts in NOK billion
2026
2027
2028
2029
and
later
Total
backlog
Backlog phasing of ongoing performance obligations
39.1
13.6
8.2
1.7
62.6
Backlog phasing of performance obligations not yet started
0.3
0.9
1.1
0.0
2.3
Total backlog
39.3
14.5
9.3
1.7
64.8
There has not been recognized any material revenue for performance obligations satisfied in prior years.
Note 3 continues on next page
Note 3 Revenue cont.
Contract Balances
The company has recognized the following assets and liabilities related to contracts with customers:
Amounts in NOK million
Note
December
31, 2025
December
31, 2024
Trade receivables
13
7,719
6,208
Customer contract assets
13
4,743
4,721
Customer contract liabilities
-5,943
-4,428
Customer contract assets relate to consideration for work completed, but not yet invoiced at the reporting
date. The contract assets are transferred to trade receivables when the right to payment become
unconditional and invoices are issued to the customers. Customer contract liabilities relate to advances from
customers for work not yet performed.
The change in contract assets and liabilities relates to the natural progression of the project portfolio, as well
as the current project mix. Of the amount of NOK -4,428 million recognized in contract liabilities at the end
of prior year, NOK 4,289 million has been recognized as revenue in 2025.
The bad debt provision included in trade receivables at December\u00a031, 2025 was NOK 17 million, compared to
NOK 161 million the year before. No impairment has been recognized on customer contract assets.
Net Income Equity Accounted Investees
The company has recognized the share of net income from investments accounted as equity accounted
investees. As the activities of the investees are closely related to Aker Solutions operating activities, the
share of net income is reported as part of revenue and other income.
Amounts in NOK million
Note
2025
2024
Share of net income SLB OneSubsea
749
789
Share of net income other equity accounted investees
7
1
Profit from equity accounted investees
26
757
790
Other Income
Other income includes revenue that is not derived from regular customer contracts such as leasing revenue.
Amounts in NOK million
Note
2025
2024
Revenue from operating leases
221
172
Other
22
37
Total other income
243
209
See note 4 for more information about revenue per segment and per country
See note 13 for more information about trade and other receivables
See note 17 for more information about leasing revenue
See note 20 for more information about trade and other payables
See note 26 for more information about equity accounted investees
Segments
Aker Solutions is a global provider of equipment, systems and services to the renewable and oil and gas energy sector. Aker Solutions has two reporting segments.
Renewables and Field Development
The Renewables and Field Development segment designs and delivers integrated solutions for oil and gas
platforms, onshore facilities, offshore wind developments and carbon capture and storage facilities. The
objective of the segment is to add value by improving efficiency and reducing carbon footprint in oil and gas
deliveries. Furthermore accelerating the transition to renewables and become a key supplier to renewables
and carbon capture solutions by building execution and collaboration through a digital value chain.
The Renewables and Field Development reporting segment includes two operating segments in Aker
Solutions that are organized separately and provide individual management reporting to the CEO. The
following two operating segments are included: (1) New Build and (2) New Energies. The operating segments
have been aggregated in the external reporting as they share resources and production capacity, and
engineering is often an integrated scope of the customer contracts in both operating segments. The
operating segments have similar commercial risks, they operate in the same economic climate and markets,
and have similar customers. They also have similar operational characteristics and use the same type of KPI's
to monitor the business.
Life Cycle
The Life Cycle segment provides optimized field life solutions driven by decarbonization and environmentally
sound offerings both for offshore and onshore facilities. The segment provides a full-range offering of
maintenance and modification services including electrification projects, digitally enabled asset integrity
services, hook-up and installation services as well as late-life and decommissioning activities. The segment
has a global presence across regions with main execution in Norway, UK, Canada, Brunei and Angola.
Other
The Other segment includes unallocated corporate costs, Aker Solutions Hydropower, Benestad businesses and
the group effect of hedges not qualifying for hedge accounting. The Other segment also includes impairments of
right-of-use lease assets for certain leases, as certain lease decisions are taken by the corporate center. The
number of employees in corporate functions and finance support functions are reported in the Other segment
while the related cost is allocated to the segments.
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2025
Amounts in NOK million
Notes
Renewables and
Field Development
Life Cycle
Total reporting
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
46,055
14,979
61,034
1,168
0
62,202
Net profit equity accounted investees
0
0
0
756
0
757
Other income
-3
0
-3
246
0
243
External revenue
46,052
14,979
61,032
2,170
0
63,202
Inter-segment revenue
53
28
80
12
-92
0
Total revenue
46,105
15,007
61,112
2,182
-92
63,202
Material, goods and services
-31,271
-8,418
-39,689
-339
92
-39,936
Personnel and other operating expenses
-11,320
-5,518
-16,838
-1,401
0
-18,239
Operating income before depreciation, amortization and impairment
3,514
1,071
4,585
442
0
5,027
Depreciation and amortization
10, 11, 17
-1,065
-140
-1,205
-247
0
-1,452
Impairment
10, 11, 12, 17
-2
0
-2
-8
0
-10
Operating income
2,447
931
3,378
187
0
3,565
Assets and Liabilities
Property, plant and equipment
3,060
44
3,104
522
0
3,626
Intangible assets
1,626
1,325
2,951
486
0
3,438
Right-of-use assets
491
47
538
1,503
0
2,041
Current operating assets
10,960
3,322
14,281
1,486
-13
15,754
Operating assets
16,136
4,739
20,875
3,997
-13
24,859
Current operating assets
10,960
3,322
14,281
1,486
-13
15,754
Current operating liabilities
16,003
3,142
19,145
3,125
-13
22,257
Net current operating assets
-5,043
180
-4,864
-1,639
0
-6,503
Cash flow
Cash flow from operating activities
2,284
1,189
3,473
-859
0
2,614
Acquisition of property, plant and equipment
-297
-22
-319
-114
0
-433
Capitalized development
-22
-26
-47
-17
0
-65
Other key figures
Order intake
48,966
15,756
64,722
1,752
-39
66,435
Order backlog
40,146
23,009
63,154
1,755
-95
64,815
Own employees
6,472
4,111
10,583
1,235
0
11,818
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2024
Amounts in NOK million
Notes
Renewables and
Field Development
Life Cycle
Total reporting
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
38,011
13,188
51,199
1,002
0
52,202
Net profit equity accounted investees
0
0
0
790
0
790
Other income
21
8
29
180
0
209
External revenue
38,032
13,196
51,228
1,972
0
53,201
Inter-segment revenue
58
52
110
2
-113
0
Total revenue
38,090
13,249
51,339
1,975
-113
53,201
Material, goods and services
-25,841
-6,660
-32,501
-71
113
-32,459
Personnel and other operating expenses
-9,152
-5,669
-14,822
-1,352
0
-16,173
Operating income before depreciation, amortization and impairment
3,097
920
4,016
552
0
4,568
Depreciation and amortization
10, 11, 17
-782
-137
-920
-239
0
-1,158
Impairment
10, 11, 12, 17
-2
0
-2
-20
0
-22
Operating income
2,312
782
3,095
293
0
3,388
Assets and Liabilities
Property, plant and equipment
3,515
46
3,561
492
0
4,053
Intangible assets
1,623
1,304
2,927
560
0
3,487
Right-of-use assets
465
58
523
1,284
0
1,807
Current operating assets
7,794
3,496
11,289
1,318
-36
12,572
Operating assets
13,396
4,904
18,301
3,654
-36
21,919
Current operating assets
7,794
3,496
11,289
1,318
-36
12,572
Current operating liabilities
13,829
3,054
16,883
3,574
-36
20,421
Net current operating assets
-6,035
442
-5,593
-2,255
0
-7,848
Cash flow
Cash flow from operating activities
3,052
739
3,791
-684
0
3,107
Acquisition of property, plant and equipment
-1,287
-22
-1,309
-87
0
-1,396
Capitalized development
-22
0
-22
-29
0
-51
Other key figures
Order intake
24,011
14,951
38,962
1,288
-165
40,085
Order backlog
37,508
22,454
59,961
988
-65
60,885
Own employees
6,449
4,134
10,583
1,194
0
11,777
Note 4 continues on next page
Note 4 Segments cont.
Reconciliation of Information on Reporting Segments to IFRS Measures
Amounts in NOK million
2025
2024
Assets
Total operating assets
24,859
21,919
Deferred tax assets
174
225
Lease receivables
206
445
Equity accounted investees
7,007
7,870
Investments in companies
12
16
Derivative financial instruments
33
105
Current interest-bearing receivables
73
142
Financial investments
1,953
2,197
Non-current interest-bearing receivables
200
193
Other non-current assets
122
187
Cash and cash equivalents
3,715
2,860
Total assets
38,351
36,157
Liabilities
Total operating liabilities
22,257
20,421
Non-current lease liabilities
2,520
2,637
Pension obligations
842
945
Deferred tax liabilities
815
304
Current lease liabilities
615
708
Derivative financial instruments
56
17
Total liabilities
27,105
25,031
Major Customer
The reporting segments delivered to two major customers; one large Norwegian oil company which
represented 56 percent of total revenue in 2025 (2024: 43.8 percent) and one large international oil
company which represented 11.2 percent of total revenue in 2025 (2024: 23 percent). Aker Solutions has
long-term contracts with these customers.
Geographical Information
External revenue is presented on the basis of geographical location of the selling company. Non-current
assets and capital expenditures are based on the geographical location of the company owning the assets.
Revenue from
customer contracts
Non-current
operating assets
Capital expenditure
PPE
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Norway
57,167
47,830
8,258
8,429
415
1,381
Canada
1,561
1,326
53
59
3
5
USA
1,533
1,088
4
11
0
0
Brunei
759
858
2
8
1
2
UK
769
624
600
590
6
0
Malaysia
79
118
10
36
0
0
Angola
96
169
1
1
0
1
India
150
108
167
202
7
5
Other countries
89
82
11
10
0
3
Total
62,202
52,202
9,105
9,347
433
1,396
See note 3 for more information about revenue
Personnel Expenses
Personnel Expenses
Amounts in NOK million
2025
2024
Salaries and wages including holiday allowance
10,254
9,616
Social security contribution
1,374
1,351
Pension cost
916
867
Other employee benefits
558
269
Personnel expenses
13,102
12,103
Total number of employees as of December 31
11,818
11,777
Average number of employees
11,879
11,553
Employee Share Purchase Program
In 2025, 2,450 employees participated in the share purchase programs in Aker Solutions. Employees
received a 25 percent reduction of cost price limited to a total of NOK 7,500. Employees could sign up for
shares up to a maximum amount of NOK 60,000 and management an additional amount of maximum 20
percent of annual salary. Employees participating in one of the share purchase programs may, given certain
criteria, be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in
December 2024 employees received one bonus share, instead of the original 0.5, for every share purchased
in the programs for 2021 until the extraordinary dividend payment in 2024. Costs related to the bonus shares
are expensed over the vesting period. Aker Solutions expensed a total of NOK 17 million excluding social
security contribution in 2025 related to share purchase programs (NOK 11 million in 2024). There were no
loans to employees or members of the Board of Directors as of December 31, 2025, same as in the previous
year.
See note 18 for more information about the pension cost and obligations
See note 27 for more information about compensation to key management
Other Operating Expenses
Amounts in NOK million
2025
2024
Rental of equipment, IT systems and support
1,807
1,556
Operating and maintenance expenses for
property
1,092
1,039
External consultants including audit fees
662
549
Travel expenses
773
530
Insurance
201
186
Other expenses
601
210
Other operating expenses
5,136
4,070
See note 17 for more information about leasing costs
See note 28 for more information about audit fees
Financial Income and Expenses
Financial Reporting Principles
Interest income and expenses include effects from using the effective interest rate method where fees,
interest paid, transaction costs and other premiums are deferred and amortized over the life of the
instrument.
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not
hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating
activities such as trade receivables and payables are included in operating expenses before depreciation,
amortization and impairment. However, the currency gains and losses are offset by the effects from hedging
derivatives. Translation of operational monetary assets and liabilities in countries with hyperinflationary or
non-convertible currencies are presented as financial items. Translation of assets and liabilities related to
general financing of the entity are included as financial income and expenses. Foreign exchange gains and
losses also include effects from translating monetary assets and liabilities denominated in foreign currencies
at the balance sheet date. The profit or loss on foreign exchange forward contracts include effects from
derivatives that do not qualify for hedge accounting, embedded derivatives and the ineffective portion of
qualifying hedges.
Financial Income and Expenses
Amounts in NOK million
Notes
2025
2024
Interest income from lease receivables
15
26
Other interest income
153
371
Interest income
168
397
Interest expense on lease liability
-157
-156
Interest expense on financial liabilities measured at amortized cost
-56
-59
Interest expense on financial liabilities measured at fair value
-39
-37
Interest expense
-252
-252
Net foreign exchange gain (loss)
-87
-40
Profit (loss) on foreign currency forward contracts
8
0
Loss on marketable shares1
-245
-487
Other financial income
90
355
Other financial expenses
-45
-12
Net other financial items
-279
-184
Net finance cost
-363
-39
1)Unrealized loss on shares in SLB.
See note 14 for more information about financial investments
See note 17 for more information about lease receivables and liabilities
See note 18 for more information about pension obligations
See note 23 for more information about foreign exchange and hedging
See note 24 for more information about financial assets and liabilities
See note 26 for more information about investments in companies
Earnings per Share and Dividends
Earnings per Share (EPS)
2025
2024
Income attributable to ordinary shares (NOK million)
2,547
2,656
Weighted average number of issued ordinary shares for the year adjusted for
treasury shares
482,225,016
481,905,159
Basic and diluted earnings per share (NOK)
5.28
5.51
Employees participating in one of Aker Solutions\u2019 employee share purchase programs may, given certain
criteria, be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in
December 2024 employees received one bonus share, instead of the original 0.5, for every share purchased
in the programs for 2021 until the extraordinary dividend payment in 2024. As of December 31, 2025 the
total amount of future potential bonus shares for all historical programs are 6,136,917 shares. The bonus
shares do not represent a material dilutive effect and diluted earnings per share has not been adjusted.
Dividends
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time. Given the
company\u2019s solid financial position and positive outlook, the Board has proposed a dividend per share of NOK
3.60 for 2025 to be paid in 2026. The proposed dividend amounts to NOK 1,743 million based on
outstanding shares as of December 31, 2025. In addition, the board has proposed an extraordinary dividend
of NOK 5.0 per share related to the settlement of SLB shares finalized in February 2026 (see Note 29 for
further details).
Aker Solutions had a liquidity buffer of NOK 8.7 billion as of December 31, 2025 compared to NOK 5.9 billion
as of December 31, 2024.
In 2025, Aker Solutions distributed ordinary dividend to its shareholders of NOK 3.30 per share amounting to
a total of NOK 1,591 million.
See note 5 for more information about the employee share purchase program
See note 16 for more information about share capital and treasury shares
Income Tax
Judgments and Estimates
The group is subject to income taxes in numerous jurisdictions, and judgment may be involved when
determining the taxable amounts. Tax authorities in different jurisdictions may challenge calculation of taxes
payable from prior periods.
Management judgment is required when assessing valuation of unused losses, tax credits and other deferred
tax assets. The recoverability is assessed by estimating taxable profits in future years taking into
consideration also expected changes in temporary differences. The profits are compared to book value of
the tax assets. The estimate of future taxable profits is sensitive to future market development for the
projects and services of Aker Solutions. Forecasts are based on firm orders in the backlog and identified
prospects in addition to expected service revenue. Changes in the assumptions related to the expected
prospects and services can have a significant impact on the forecasted cash flows. Economic conditions may
change and lead to a different conclusion regarding recoverability, and such changes may affect future
reporting periods.
The Pillar Two legislation, also known as \u201cGlobal minimum tax\u201d or GloBE has been enacted in Norway and in
many of the jurisdictions where Aker Solutions operates. The legislation was effective from January 1, 2024
and Aker Solutions is required to comply.
Aker Solutions has conducted an assessment in accordance with Country-by-Country Reporting
requirements and the transitional safe harbor rules, which compromises of three different tests. This
assessment shows that several jurisdictions with limited activity will meet the \"de minimis test\u201d, which is the
first test excluding jurisdictions with low revenue and profits. Some jurisdictions that do not meet the \"de
minimis test\u201d are excluded through the second test as they report an effective tax rate exceeding the
transitional rate of 16 percent for the year 2025. One jurisdiction failed the first two tests, but passed the
third test (routine profits test). In 3 countries, a full calculation of top-up tax per the model rules will be
required. No top-up tax has been included in the tax expense for 2025.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation shall not
recognize or disclose information about deferred tax assets and deferred tax liabilities related to the Pillar
Two legislation, which Aker Solutions applies.
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future taxable profits
will be available to utilize the tax losses and credits. The forecasted future taxable profits are based on firm
orders in the backlog and identified prospects in addition to expected service revenue. The forecasted
taxable profits reflect organic growth only. Other parameters in the assessment are the predicted long-term
investment level by companies in the renewable and oil and gas energy sector, mix of projects and services
and level of operating expenses.
Income Tax Expense
Amounts in NOK million
2025
2024
Current income tax
Current year
122
184
Prior year adjustment
15
22
Total current income tax
137
206
Deferred income tax
Origination and reversal of temporary differences
479
468
Non-recognition of tax losses and temporary differences
73
18
Change in tax rates
-12
17
Adjustment for prior periods
-7
-24
Total deferred income tax
533
479
Total income tax
670
684
Taxes in OCI and Equity
Amounts in NOK million
2025
2024
Cash flow hedges, deferred tax
-7
0
Remeasurement of defined benefit pension plans
-4
-6
Income taxes included in OCI
-11
-6
Amounts in NOK million
2025
2024
Internal dividends
-19
-28
Income taxes included in equity
-19
-28
Effective Tax Rate
The table below reconciles the tax expense as if the Norwegian tax rate of 22 percent was applied.
Amounts in NOK million
2025
2024
Income before tax from continuing operations
3,202
3,349
Income tax when applying Norwegian tax rate of 22 percent
704
22.0%
737
22.0%
Tax effects of:
Effect of different tax rates in other jurisdictions
2
0.1%
22
0.7%
Non-taxable income
-182
-5.7%
-172
-5.1%
Non-deductible expenses
106
3.3%
27
0.8%
Effect of withholding tax
33
1.0%
50
1.5%
Current tax adjustments related to prior years
15
0.5%
22
0.7%
Deferred tax adjustments related to prior years
-7
-0.2%
-24
-0.7%
Previously unrecognized tax losses used to reduce payable tax
-58
-1.8%
-11
-0.3%
Non-recognition of deferred tax assets
73
2.3%
18
0.5%
Impact of change in tax rate
-12
-0.4%
17
0.5%
Other
-5
-0.2%
-1
0.0%
Income tax and effective tax rate
670
20.9%
684
20.4%
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred Tax Assets and Liabilities
Assets
Liabilities
Net
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Property, plant and equipment
118
24
-38
-62
81
-39
Pensions
180
190
0
0
180
190
Projects under construction
0
33
-2,866
-1,167
-2,866
-1,134
Tax loss carry-forwards
1,280
209
-1
-1
1,279
208
Intangible assets
4
5
-14
-13
-10
-9
Provisions
399
435
-1
0
398
435
Derivatives
5
0
-44
-5
-39
-5
Tax credits and other
500
488
-165
-214
334
273
Total before offsetting
2,487
1,384
-3,128
-1,462
-642
-79
Offsetting
-2,313
-1,159
2,313
1,159
0
0
Total
174
225
-815
-304
-642
-79
Note 9 continues on next page
Note 9 Income Tax cont.
Change in Net Recognized Deferred Tax Assets and Liabilities
Amounts in NOK million
Total
Balance as of January 1, 2024
351
Business acquisition
15
Recognized in profit and loss
-479
Recognized in other comprehensive income (OCI)
8
Prepaid withholding tax
17
Reclassification between categories
0
Currency translation differences
10
Balance as of December 31, 2024
-79
Business acquisition
-1
Recognized in profit and loss
-532
Prior year-adjustments booked in equity
-34
Recognized in other comprehensive income (OCI)
11
Currency translation differences
-7
Balance as of December 31, 2025
-642
Note 9 continues on next page
\"NOTE9.jpg\"
Note 9 Income Tax cont.
Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)
Amounts in NOK million
Tax losses carry-forwards
Other tax assets
Expiry within 5
years
Expiry 5-20
years
Indefinite
expiration
Total
Of which is
unrecognized\u00a0
Of which is
recognized\u00a0
Unrecognized
Norway
0
0
5,150
5,150
0
5,150
735
Europe excluding Norway
1
0
341
342
342
0
113
North America
0
795
642
1,437
739
698
0
South America
0
0
802
802
802
0
123
Asia Pacific
712
138
0
850
850
0
269
Total
713
933
6,935
8,581
2,733
5,848
1,240
See note 19 for more information about tax provisions
Property, Plant and Equipment
Property, plant and equipment mainly relates to the yards within the Renewables and Field Development
segment. Property, plant and equipment also include furniture and fittings in office buildings.
Financial Reporting Principles
Assets are normally depreciated on a straight-line basis over their expected economic lives as follows:
\u25fc Machinery and equipment: 3-15 years
\u25fc Buildings: 4-30 years
\u25fc Land: No depreciation
Impairment triggers are assessed quarterly and impairment testing is performed when triggers have been
identified.
Judgment and Estimates
Judgment is involved when determining the depreciation period and when assessing impairment or reversal
of impairment. Impairment is assessed for individual assets and for cash generating units. The impairment
testing involves judgmental assumptions about future market development, cash flows, determination of
weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.
Commitments
Aker Solutions has entered into contractual commitments for the acquisition of property, plant and
equipment amounting to NOK 12 million as of December 31, 2025, all of which is expected to be paid during
2026. Contractual commitments were NOK 133 million per December 31, 2024.
Note 10 continues on next page
\"NOTE10.jpg\"
Note 10 Property, Plant and Equipment cont.
Property, Plant and Equipment
Amounts in NOK million
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Historical cost
Balance as of December 31, 2023
2,139
3,595
1,879
7,614
Additions1
188
269
668
1,125
Reclassification from assets under
construction
562
1,470
-2,032
0
Reclassification between categories
0
6
-6
0
Disposal and scrapping
-273
-925
0
-1,198
Currency translation differences
52
56
0
109
Balance as of December 31, 2024
2,670
4,471
510
7,651
Additions
26
36
371
433
Acquisition of subsidiaries
0
4
0
4
Reclassification from assets under
construction
218
467
-684
0
Reclassification between categories
-56
56
0
0
Disposal and scrapping
-17
-391
0
-408
Currency translation differences
-66
-45
0
-111
Balance as of December 31, 2025
2,775
4,598
196
7,568
1)Excludes NOK 270 million in paid investments that were capitalized in 2023.
Amounts in NOK million
Notes
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2023
-1,152
-2,969
-5
-4,127
Depreciation for the year
-210
-360
-570
Impairment
-4
-2
0
-5
Disposal and scrapping
275
921
0
1,196
Reclassification between categories
0
-6
6
0
Currency translation differences
-39
-54
0
-93
Balance as of December 31, 2024
-1,129
-2,469
0
-3,598
Depreciation for the year
-293
-530
-823
Impairment
0
-7
0
-7
Disposal and scrapping
14
393
0
407
Reclassification between categories
46
-46
0
0
Currency translation differences
37
42
0
79
Balance as of December 31, 2025
-1,325
-2,617
0
-3,942
Book value as of December 31, 2024
1,541
2,002
510
4,053
Book value as of December 31, 2025
1,450
1,980
196
3,626
See note 17 for more information about right-of-use lease assets
Intangible Assets and Goodwill
Intangible assets mainly relate to capitalized technology development in addition to goodwill. The technology
development programs are closely monitored to secure the desired technological achievements in time and
at acceptable cost levels. Technology development programs that meet certain criteria are capitalized and
amortized over the expected useful lives.
Financial Reporting Principles
Capitalized Development
The technology development at Aker Solutions is graded according to a Technology Readiness Level (TRL)
consisting of eight phases. Research and development costs are expensed as incurred until a program has
completed the concept phase. Development cost is only capitalized if the product or process is technically
and commercially feasible and the business case shows a positive net present value. Capitalized
development mainly includes internal labor costs in addition to materials for the development program. Any
third-party funding is presented as a reduction of the capitalized amount. The capitalized development is
normally amortized over five years on a straight-line basis, but certain programs with a clear differentiating
offering and a longer economic benefit may be amortized up to seven years. For development projects in
progress, a full impairment test is performed annually or when impairment indicators are identified. Assets
are written down to recoverable amount if lower than book value.
Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.
Other
Other intangible assets include IT systems and technology development acquired through business
combinations.
Judgments and Estimates
The decision to capitalize a development program involves management judgment. There are strict internal
rules defining what qualifies for capitalization, and the documentation of the assessment is monitored
centrally. Management makes assessment of future market opportunities, ability to successfully achieve the
desired technological solution and the time and cost it takes to develop it. These factors may change over
time.
Judgment is involved when determining the amortization period and when assessing impairment or reversal
of impairment. Impairment indicators are assessed for individual development projects, other intangible
assets, and for cash generating units including goodwill. Impairment testing is performed when impairment
indicators have been identified. In addition, goodwill and capitalized development programs that have not
been completed are subject to an annual impairment test. The impairment testing involves judgmental
assumptions about future market development, cash flows, determination of weighted average cost of
capital (WACC), growth rate, and other assumptions that may change over time.
Note 11 continues on next page
Note 11 Intangible Assets and Goodwill cont.
Intangible Assets
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Historical cost
Balance as of December 31, 2023
1,127
3,783
396
5,306
Additions from internal development1,2
46
0
0
46
Acquisition of subsidiaries
0
0
30
30
Reclassification between categories
41
0
-41
0
Disposal of subsidiaries and assets
-426
-81
-202
-708
Currency translation differences
2
-2
6
6
Balance as of December 31, 2024
790
3,700
190
4,680
Additions from internal development1
65
0
0
65
Acquisition of subsidiaries
0
19
6
25
Disposal of subsidiaries and assets
-205
0
-34
-238
Currency translation differences
0
-4
-2
-6
Balance as of December 31, 2025
650
3,715
160
4,525
1) Development cost funded by third-party totaled NOK 5 million in 2025 (NOK 11 million in 2024).
2) Excludes NOK 5 million in paid investments that were capitalized in 2023.
Amounts in NOK million
Notes
Capitalized
development
Goodwill
Other
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2023
-741
-683
-319
-1,744
Amortization for the year
-138
0
-13
-151
Impairment
12
-2
0
0
-2
Reclassifications between categories
-38
0
38
0
Disposal of subsidiaries and assets
426
81
202
708
Currency translation differences
-2
3
-6
-5
Balance as of December 31, 2024
-495
-599
-99
-1,193
Amortization for the year
-126
0
-10
-136
Impairment
12
0
0
0
0
Disposal of subsidiaries and assets
205
0
34
238
Currency translation differences
0
1
2
3
Balance as of December 31, 2025
-416
-598
-73
-1,087
Book value as of December 31, 2024
295
3,101
91
3,487
Book value as of December 31, 2025
233
3,118
87
3,438
Research and Development Expenses
The research and development expense was NOK 77 million in 2025 compared to NOK 88 million in 2024.
Impairment of Assets
In 2025, Aker Solutions experienced record-high activity and solid profitability. Activity and revenue is
expected to come down in 2026. The group is adapting to changes in market conditions and taking
measures to adjust capacity and cost levels as well as broadening its customer footprint. Aker Solutions has
a solid order backlog of projects, with balanced risk-reward profiles, and high tendering- and FEED activity.
The company had net impairments of NOK 10 million in 2025.
Impairment Testing Method
Individual Assets
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every quarter to
identify assets that are damaged, no longer in use or will be disposed. Capitalized development is assessed
for impairment triggers every quarter to identify development programs where the technological
development or commercial outlook for that specific technology no longer justify the book value. Capitalized
development programs that have not been completed are subject to annual impairment testing. The
impairment testing of capitalized development includes an update of the future expected cash flows,
assessing status on technical achievements and reviewing cost incurred compared to budget in order to
identify if any of the capitalized cost should be expensed. The assets are written down to recoverable
amount, if lower than book value. Reversal of impairment is assessed annually for assets previously impaired
or when reversal of impairment triggers have been identified.
Assets in a Cash Generating Unit (CGU)
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of a
cash generating unit (CGU). A CGU represents the lowest level of independent revenue generated by the
assets. This is usually the lowest level where a separate external market exists for the output from the CGU.
Impairment indicators are reviewed for all assets with assessment of market conditions, technological
development, change in order backlog, change in discount rate and other elements that may impact the
value of the assets in the CGU. Assets are usually tested using the value-in-use approach determined by
discounting expected future cash flows. Various sensitivity analysis for change in future cash flows, growth
rate and WACC is performed for CGUs with limited headroom in the impairment testing. Impairment losses
are recognized for assets in CGUs where the recoverable amount is lower than book value.
Goodwill
The groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers
have been identified. The company does not have other assets than goodwill with indefinite useful lives.
Judgments and Estimates
The impairment testing of assets is by nature highly judgmental as it includes estimates such as future
market development, cash flows, determination of CGUs and WACC, growth rate used for calculation of
terminal value and other assumptions that may change over time. In particular, future cash flows are
uncertain as they are impacted by market developments beyond Aker Solutions' control. The oil price
impacts for example the investment levels in CapEx and maintenance projects by the oil companies. Carbon
taxation impacts the investment levels of carbon capture and offshore wind investments. These external factors
in turn impact the markets in which Aker Solutions operates.
Climate-related Matters
The energy transition may curtail the expected useful lives of oil and gas related assets thereby accelerating
depreciation charges. The group\u2019s assets related to oil and gas are likely to be fully depreciated within the
next 10-15 years and projects related to oil and gas will be a part of Aker Solutions\u2019 business activities over
this period. Aker Solutions will be engaged in traditional oil and gas projects and will also be engaged in
projects relating to decarbonization solutions and services for existing platforms. Therefore, Aker Solutions
does not expect any changes to the useful lives of our property, plant, and equipment. Assessment of effect
on useful lives is not considered to be a significant accounting judgment or estimate. Aker Solutions note
that assessment of useful lives of future capital expenditure may be different, and local climate changes in
the future may affect useful lives of certain assets. While there are no identified immediate or short-term
impacts from climate change, Aker Solutions is aware of the ever-changing risks and opportunities to climate
change. We will regularly assess these risks against judgments and estimates made in preparation of the
financial statements.
Under all three climate scenarios (described in the \u201cClimate Change\u201d chapter under the Sustainability
Statement) the group expects an increase in the frequency and intensity of extreme weather events. This is
not expected to lead to any effects on useful economic life of property, plant and equipment per 2025.
The expected future cash flows used in impairment testing are affected by climate changes as the projects
Aker Solutions will be engaged in will change going forward. The projects Aker Solutions tender for are
based on the pipeline of future projects needed to fulfill the energy need in the market. This market has
changed during the last decade, and Aker Solutions renewables and transitional solutions represented 20
percent of the revenue in 2025, and we continue to see material projects within this market also in the
future. As the cash flows used in the impairment testing are based on current backlog together with
identified prospects, the climate changes have an impact on our impairment testing through the projects
included in the cash flows used for impairment testing.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Cash Flow Assumptions
When estimating future cash flows, five years of cash flows for the period 2026 to 2030 have been used as
basis. The forecasted cash flows are based on firm orders in the backlog and identified prospects in addition
to expected service revenue. ROU lease assets are included in the impairment test. Management has defined
the growth rate, post-tax discount rate and estimated future cash flows as the most sensitive assumptions in
the value-in-use calculation. The forecasted cash flows used in the impairment tests reflect organic growth
only. Other parameters in the assessment are the predicted long-term oil price per barrel, mix of projects and
services, level of operating expenses and capital expenditure for maintenance of the asset portfolio.
Discount Rate
The WACC used in the impairment testing of goodwill is shown below.
2025
2024
Post-tax
WACC
Pre-tax
WACC
Post-tax
WACC
Pre-tax
WACC
New Build yards
9.9%
12.3%
9.7%
13.4%
New Energies
9.6%
11.7%
10.0%
12.0%
Life Cycle
9.9%
11.6%
10.0%
12.5%
Benestad and Power & Controls
9.5%
11.2%
9.6%
11.5%
Hydropower1
9.9%
12.1%
9.9%
9.9%
Additech
9.5%
10.6%
N/A
N/A
1)Hydropower had significant tax losses carry forward and no tax payments were assumed in the 2024 impairment testing. In
2025, Aker Solutions Hydropower AS merged with Aker Solutions AS.
Estimated future cash flows are discounted to their present value using the weighted average cost of capital
(WACC), which is a post-tax discount rate. The WACC is based on a risk-free interest rate, a risk premium
and average beta values of peers within each market. A separate WACC has been calculated for each of the
CGUs taken into consideration country specific risk premiums and long-term risk free interest rates. A growth
rate has been applied to calculate terminal value after the five-year period.
Impairment Testing of Individual Assets and CGUs
The table below summarizes the net impairments recognized per group of assets and per segment.
Renewables and
Field
Development
Life Cycle
Other
Total
Amounts in NOK million
2025
2024
2025
2024
2025
2024
2025
2024
Impairment of intangible assets
0
2
0
0
0
0
0
2
Impairment of property, plant and equipment
2
0
0
0
6
5
7
5
Impairment of right-of-use assets
0
0
0
0
3
15
3
15
Total impairment
2
2
0
0
8
20
10
22
The company had net impairments of NOK 10 million in 2025 (NOK 22 million in 2024). Impairments in the
year related to fixed assets no longer in use and right-of-use assets with empty areas available for sublease.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Impairment Testing of Goodwill
The groups of CGUs identified when testing goodwill represent the level where synergies are expected and
goodwill is monitored. ROU lease assets are included in the impairment testing.
The book value of goodwill for the groups of CGUs that include goodwill is shown below.
Amounts in NOK million
2025
2024
New Build yards (Renewables and Field Development)
1,302
1,302
New Energies (Renewables and Field Development)
226
226
Life Cycle (Life Cycle)
1,300
1,303
Benestad (Other)
188
188
Hydropower and Power & Controls (Other)
82
82
Additech (Other)
19
0
Total goodwill as of December 31
3,117
3,101
Assumptions
A post-tax value-in-use method was used, with pre-tax rates calculated using an iterative method for
illustration purposes only. The forecasted cash flows are based on firm orders and an expected share of new
contracts. When determining the terminal value, a growth rate of 1.5 percent has been used for the CGUs.
The annual impairment testing of goodwill did not result in any impairment losses.
Sensitivities
The impairment testing is affected by changes in demand for Aker Solutions\u2019 products and services. External
factors such as long-term oil prices and governments\u2019 policies regarding renewable energy sources and
decarbonization impact customers\u2019 investment decisions. The testing is also affected by changes in WACC,
growth rates, product mix, cost levels and the ability of Aker Solutions to secure projects as forecasted in the
cash flow. Multiple sensitivity tests have been run on the key assumptions in the value-in-use calculation to
evaluate possible adverse changes. This includes changing the discount rate and growth rate in addition to
reducing the expected future cash flows. Reasonable changes in assumptions would not have lead to any
impairment of goodwill.
Aker Solutions acknowledge that our business will be affected by climate risks. The growth rate embedded in
impairment testing is lower than the inflation that is assumed in the WACC calculation, leading to a negative
real growth rate. This is embedded in the numbers to reflect that the oil and gas activities are not assumed to
have infinite lives. When material climate risk effects on operations are identified, impairment assessments
will be reassessed. Climate risks are assessed and described in the Sustainability Statement.
The recoverable amounts exceed book value for all scenarios and for all the CGUs in the goodwill impairment
testing both in 2025 and 2024.
See note 10 for more information about property, plant and equipment
See note 11 for more information about intangible assets
See note 17 for more information about right-of-use lease assets
Trade and Other Receivables
Judgments and Estimates
Judgment is involved when determining the impairment losses on receivables and customer contract assets.
The impairment is based on individual assessments of each customer and default risk in the industry and the
country in which the customer operates in line with the expected credit loss method (ECL). The customers of
Aker Solutions are mainly large, international energy companies with low credit risk.
Trade and Other Receivables
Amounts in NOK million
2025
2024
Trade receivables
7,144
6,026
Trade receivables, related parties
592
342
Less bad debt provision
-17
-161
Trade receivables, net
7,719
6,208
Customer contract assets
4,743
4,721
Other receivables
549
204
Customer contract assets and other receivables
5,292
4,925
Bad Debt Provision
Amounts in NOK million
2025
2024
Balance as of January 1
-161
-116
Provisions made during the year
-10
-67
Provisions reversed during the year
139
31
Provisions used during the year
8
0
Currency translation differences
7
-9
Balance as of December 31
-17
-161
Aging of Trade Receivables
Amounts in NOK million
2025
2024
Not due
7,240
5,394
Past due 0-30 days
149
270
Past due 31-90 days
98
223
Past due 91 days to one year
86
360
Past due more than one year
163
122
Total
7,736
6,368
An unstable geopolitical situation has increased volatility and risk in financial markets over the recent years.
In Aker Solutions, the credit risk has not changed significantly, as the majority of customers are large,
international energy companies.
See note 3 for more information about customer contract assets and trade receivables
See note 21 for more information about credit risk and the ECL method
See note 24 for more information about financial assets and liabilities
See note 27 for more information about receivables to related parties
Financial Investments
Amounts in NOK million
2025
2024
Shares in SLB
1,953
2,197
Total
1,953
2,197
Shares in SLB
As part of the consideration from the sale of the subsea business in 2023, Aker Solutions received USD
306.5 million from SLB in the form of 5,057,706 shares in SLB.
The shares are measured at fair value through profit and loss. The investment is exposed to currency risk and
share price risk. No currency hedges have been arranged for the currency exposure during 2025. Part of the
currency exposure was secured with put options during 2024 and a loss of NOK 114 million for the put option
was recognized as part of net foreign exchange gain (loss).
The shares in SLB have been disposed in 2026.
See note 21 for more information about financial risk management and exposures
See note 24 for more information about financial assets and liabilities
See note 29 for more information about the disposal of the shares in SLB
Cash and Cash Equivalents
Amounts in NOK million
2025
2024
Interest-bearing deposits in cash pool
2,621
1,854
Other interest-bearing deposits
1,094
1,005
Total
3,715
2,860
Available Liquidity
Additional undrawn committed non-current bank revolving credit facilities amounted to NOK 5.0 billion,
compared to NOK 3.0 billion in the prior period. Together with cash and cash equivalents, this gives a total
liquidity buffer of NOK 8.7 billion, compared to NOK 5.9 billion in prior year.
See note 21 for more information about cash restrictions and the cash pool arrangement
See note 22 for more information about capital management
Equity
Share Capital
Aker Solutions ASA was founded May 23, 2014, and the share capital was NOK 531,540,456 divided into
492,167,089 shares, each having a nominal value of NOK 1.08 as of December 31, 2025. All issued shares
are fully paid. Aker Solutions ASA has one class of shares, ordinary shares, with equal rights for all shares.
The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at
general meetings.
Treasury Shares
The group purchases its own shares to meet obligations under employee share purchase programs and
variable pay programs for management. Treasury shares are not included in the weighted average number of
ordinary shares. Earnings per share have been calculated based on an average of 482,225,016 shares
outstanding December 31, 2025. Consideration for treasury shares sold in 2025 was NOK 154 million.
Amounts in NOK million
Number of shares
Treasury shares as of December 31, 2024
12,843,557
Sale
-4,845,014
Treasury shares as of December 31, 2025
7,998,543
Hedging Reserve
The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet recognized in the
income statement. The hedging effects are recognized in the income statement according to the progress of
the underlying customer contract.
Translation Reserve
The currency translation reserve includes foreign exchange differences arising from the translation of the
subsidiaries into the presentation currency of the consolidated financial statements.
Fair Value Reserve
The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
See note 2 for more information about currency translation of subsidiaries
See note 10 in the parent company financial statement for overview of the largest shareholders
See note 23 for more information about hedging
See note 26 for more information about equity securities in the fair value reserve
Leases and Investment Property
The company leases a number of office buildings, manufacturing and service sites in addition to some
machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as a right-of-use
asset and lease liability unless the lease is short-term or low-value. Vacated leased property made available
for sublease and property with operational subleases are classified as investment property.
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates, credit
risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to impairment
testing. Several property leases contain extension options or cancellation clauses. The non-cancellable lease
period is basis for the lease commitment. Periods covered by extension or termination options are included
when it is reasonably certain that the lease period will be extended. When management has decided to
extend the lease period is typically an event that would trigger an updated assessment of the reasonably
certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured using
the cost model, meaning that the book value and depreciation of the lease term from the ROU asset is the
basis for measuring the investment property. When testing the investment property for impairment, the
expected future sublease income is discounted to present value and compared to the value of the investment
property. The cost model together with impairment assessments is also an estimate of fair value of the right-
of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is assessed for
separable parts of leased buildings that have been or will be vacated in the near future. The impairment is
sensitive to changes in estimated future expected sublease income and sublease period. Further, judgment is
involved when determining whether sublease contracts are financial or operational, as well as when
determining lease term for contracts that have extension or termination options. Determination of the
discount rate also involves judgment.
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Right-of-Use (ROU) Assets
The movement in the right-of-use assets is summarized below.
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Historical cost
Balance at January 1, 2024
3,836
1,159
57
5,052
Additions and remeasurement
263
27
10
299
De-recognition through financial sublease
-2
0
0
-2
Disposal of lease contracts
-726
0
-8
-734
Transfer between categories
55
-55
0
0
Currency translation differences
101
84
0
186
Balance as of December 31, 2024
3,528
1,214
59
4,801
Additions and remeasurement
740
82
0
822
De-recognition through financial sublease
-1
0
0
-1
Disposal of lease contracts
-352
-207
-3
-562
Transfer between categories
50
-50
0
0
Currency translation differences
-55
-44
0
-99
Balance as of December 31, 2025
3,912
996
58
4,966
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Accumulated depreciation and impairment
Balance at January 1, 2024
-2,339
-779
-22
-3,141
Depreciation expense
-398
-30
-9
-438
Impairments
-7
-37
0
-44
Reversal of impairments this period
29
0
0
29
Depreciation and impairment on disposal of ROU, acc.
720
0
8
729
Currency translation difference
-74
-56
0
-129
Balance as of December 31, 2024
-2,069
-902
-23
-2,994
Depreciation expense
-467
-17
-9
-493
Impairments
-19
-1
0
-20
Reversal of impairments this period
17
0
0
17
Depreciation and impairment on disposal of ROU, acc.
311
182
3
496
Currency translation difference
38
31
0
69
Balance as of December 31, 2025
-2,188
-708
-29
-2,925
Book value as of December 31, 2024
1,459
312
36
1,807
Book value as of December 31, 2025
1,724
288
29
2,041
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Lease liabilities and Lease Receivables
The movement in lease liabilities and lease receivables related to subleases are shown in the table below.
Lease liabilities
Lease receivable
(sublease)
Amounts in NOK million
2025
2024
2025
2024
Movement of lease liabilities and receivables
Balance as of January 1
3,345
3,540
567
677
Additions and remeasurement
680
321
-140
11
De-recognition
-87
-5
0
-45
Interest expense/sublease interest income
157
156
15
26
Lease payments/sublease payments
-885
-827
-142
-149
Currency translation differences
-79
161
-21
47
Balance as of December 31
3,135
3,345
279
567
Of which current
615
708
73
122
Of which non-current
2,520
2,637
206
445
Balance as of December 31
3,135
3,345
279
567
The weighted-average discount rate applied to calculate lease liability was 5.3 percent in 2025 (4.6 percent
in 2024).
The maturity of lease payments and sublease income per December 31 are presented below:
Lease Payments
Financial sublease
income
Operational
sublease income
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Maturity within 1 year
757
837
82
140
37
45
Maturity 1-5 years
1,664
1,846
153
307
64
56
Maturity 5-10 years
1,196
1,150
74
184
4
11
Maturity later than 10 years
248
14
0
1
0
0
Total
3,866
3,846
310
632
105
113
Discounting effect
-731
-501
-31
-65
N/A
N/A
Lease liabilities and lease receivable
3,135
3,345
279
567
N/A
N/A
Amounts Recognized in the Income Statement
The following amounts are recognized in the income statement related to leasing:
Amounts in NOK million
2025
2024
Income from operational subleases presented as other income
221
172
Expenses relating to short-term leases presented as operating costs
-779
-512
Expenses relating to low-value leases presented as operating costs
-8
-6
Depreciation of ROU assets
-493
-438
Net impairments of ROU assets
-3
-15
Interest on lease receivables presented as financial income
15
26
Interest on lease liabilities presented as financial expense
-157
-156
Gain/(loss) on termination of lease agreements
22
-12
Expense relating to variable lease payments not included in lease liabilities
-21
-11
Total effect on profit/(loss) before tax
-1,204
-952
Short-term leases include storage and accommodation for expats and workers in addition to rental of tools,
machinery, cranes, containers and other equipment used in production.
See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 27 for more information about leasing contracts with related parties
Pension Obligations
Aker Solutions operates several pension plans around the world. The most common type of plan is the
defined contribution plan, where Aker Solutions makes contributions to the employee's individual pension
account. Aker Solutions also has a closed defined benefit plan where the impact is gradually reduced.
Pension Plans
Defined Contribution Plans
A defined contribution plan is a type of retirement plan where the employer makes contributions on a regular
basis to the employee\u2019s individual pension account. The benefits received by the employee are based on the
employer contributions and gains or losses from investing the capital. Contributions to defined contribution
pension plans are recognized as an expense in the income statement as incurred.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on
retirement based on a percentage of the salary upon retirement and the employee's earnings history, years
of service and age. The calculation of defined benefit obligations is performed annually by a qualified actuary
using the projected unit credit method.
The defined benefit obligation is calculated separately for each plan by discounting the estimated amount of
future benefit that employees have earned in the current and prior periods and deducting the fair value of
any plan assets. The change of the defined benefit obligation as a result of the change of assumptions
(actuarial gains and losses) and the return on plan assets are recognized immediately in other comprehensive
income. Net interest expense and other expenses related to defined benefit plans are recognized in the
income statement. When the benefits of a plan are changed, settled or when a plan is curtailed, the change
relating to past service or the gain or loss on curtailment or settlement is recognized immediately in the
income statement.
Judgments and Estimates
The present value of the pension obligations depends on a number of factors determined on the basis of
actuarial assumptions. These assumptions include financial factors such as the discount rate, expected
salary growth, inflation and return on assets as well as demographic factors concerning mortality, employee
turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the
time the assessment is made. However, it is reasonably certain that such factors will change over long
periods for which pension calculations are made. Any changes in these assumptions will affect the calculated
pension obligations with immediate recognition in other comprehensive income.
Pension Plans in Norway
The main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing a
basic pension entitlement to all taxpayers. The additional pension plans which all Norwegian employers are obliged
to provide according to current legislation, represent limited additional pension entitlements. The occupational
plans in Aker Solutions in Norway are described below.
Defined Contribution Plans
All employees in Norway are offered participation in a defined contribution plan. The annual contributions,
premium and administration cost expensed for the Norwegian plans in 2025 were NOK 494 million,
compared to NOK 454 million in 2024. The estimated contribution, premium and administration cost
expected to be paid in 2026 is NOK 562 million.
Defined Benefit Plans
The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded and
unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in Norway closed
the defined benefit plans in 2008. Employees who were 58 years or older in 2008 are still members of the
closed defined benefit plan. This is a funded plan and represents the funded pension liability reported in the
tables below. Aker Solutions also has various unfunded early retirement plans and executive pension plans
that are partially closed for new members. The estimated premium cost expected to be paid during 2026 is
NOK 70 million. The liability is calculated using a projected unit credit method.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Compensation Plans
All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition to the
defined contribution plan were offered compensation. The compensation amount will be adjusted annually in
accordance with the adjustment of the employees' pensionable income, and accrued interest according to
market interest. If the employee leaves the company voluntarily before the age of 67 years, the accrued
compensation amount will be paid out. The compensation plan is an unfunded plan, and is included in the
unfunded pension liability reported in the tables below. The liability is equal to the compensation balance.
Tariff Based Pension Agreement (AFP)
Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the main labor
unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information required
to estimate the pension obligation from this defined benefit plan is not available from the plan administrator.
Aker Solutions therefore currently accounts for the plan as if it was a defined contribution plan. The annual
contributions expensed in 2025 were NOK 187 million, compared to NOK 126 million in 2024. The estimated
contribution expected to be paid in 2026 is NOK 179 million.
Pension Plans Outside Norway
Pension plans outside Norway are mainly defined contribution plans. The annual contributions expensed for
plans outside Norway in 2025 were NOK 114 million, compared to NOK 120 million in 2024. The estimated
contributions expected to be paid in 2026 is NOK 107 million to the plans outside Norway.
Total Pension Cost
Amounts in NOK million
2025
2024
Defined benefit plans
58
96
Defined contribution plans
897
808
Total
955
904
Note 18 continues on next page
Note 18 Pension Obligations cont.
Movement in Net Defined Benefit Liability
The table below shows the movement from the opening balance to the closing balance for the net defined benefit liability. Present value obligations include NOK 78 million in pension obligations related to the disposed subsea
business.
Present value of obligation
Fair value of plan assets
Impact of asset ceiling
Net defined benefit liability
Amounts in NOK million
2025
2024
2025
2024
2025
2024
2025
2024
Balance as of January 1
1,916
2,035
-971
-1,057
0
0
945
978
Current service and administration cost
15
55
4
4
0
0
19
59
Interest cost (income)
71
68
-31
-31
0
0
39
37
Included in income statement
86
123
-27
-28
0
0
58
96
Actuarial loss (gain) arising from financial assumptions
1
-11
0
0
0
0
1
-11
Return on plan assets
0
0
-74
65
0
0
-74
65
Actuarial loss (gain) arising from experience adjustments
5
-27
0
0
0
0
5
-27
Changes in asset ceiling
0
0
0
0
85
0
85
0
Remeasurements loss (gain) included in OCI
6
-37
-74
65
85
0
18
28
Contributions paid into the plan
0
0
-73
-77
0
0
-73
-77
Benefits paid by the plan
-199
-205
121
124
0
0
-78
-81
Other events due to effect of any business combinations/divestitures/transfers 1
-27
0
0
0
0
0
-27
0
Other
-226
-205
48
48
0
0
-178
-157
Balance as of December 31
1,782
1,916
-1,025
-971
85
0
842
945
1)In 2025, pension obligations from prior years of NOK 27 million related to gratitude pensions have been reclassified to restructuring provision and included in Note 19 Provisions and Contingent Liabilities.
Note 18 continues on next page
Note 18 Pension Obligations cont.
The net liability disclosed above relates to funded and unfunded plans as follows:
Present value of
obligation
Fair value of plan
assets
Net defined
benefit liability
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Net defined benefit liability funded plan
939
971
-1,025
-971
0
0
Net defined benefit liability unfunded plans
842
945
0
0
842
945
Balance as of December 31
1,782
1,916
-1,025
-971
842
945
Assets in the Defined Benefit Plan
Amounts in NOK million
2025
2024
Bonds
283
299
Income and equity funds
741
672
Total plan assets at fair value
1,025
971
The majority of the bond investment is in Norwegian municipalities and is assumed to have a rating equal to
AA, but there are few official ratings for these investments. The remaining bond investment is primarily in the
Norwegian market within bonds assumed to be of \u201cInvestment Grade\u201d quality. The majority of these
investments do not, however, have an official rating. The fund investments consist of fixed income funds and
equity funds with listed securities where the value is based on quoted prices. The equity securities are
invested globally, and the value is based on quoted price at the reporting date without any deduction for
estimated future selling cost.
Actuarial Assumptions
The information below relates only to Norwegian plans as these represent the majority of the plans. The
following were the principal actuarial assumptions at the reporting date:
2025
2024
Discount rate
4.00%
3.30%
Asset return
4.00%
3.30%
Salary progression
4.00%
3.50%
Pension indexation funded plans1
0-4 %
0-4 %
Mortality table
K2013
K2013
Remaining life expectancy at age 65 for pensioners, males
22.9
22.8
Remaining life expectancy at age 65 for pensioners, females
26.6
26.1
1) Pension indexation for unfunded plans is agreed individually (0-4 percent).
The discount rate is based on high-quality corporate bonds (OMF) with maturities consistent with the terms
of the obligations. The assumptions used are in line with recommendations from the Norwegian Accounting
Standards Board.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Sensitivity Analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have changed the defined benefit obligation as of December 31 by the amounts shown
below.
2025
2024
Discount rate increase by 1 percent
-72
-83
Discount rate decrease by 1 percent
82
103
Expected rate of salary increase by 1 percent
0
0
Expected rate of salary decrease by 1 percent
0
0
Expected rate of pension increase by 1 percent
76
96
Expected rate of pension decrease by 1 percent
-67
-78
For Aker Solutions, a one percent increase of discount rate decreases the benefit obligation by only 7
percent. This is because the benefit obligation in Aker Solutions consists mainly of pensioners and
employees over 60 years of age, hence limiting the discounting effect.
See note 5 for more information about personnel expenses
\"NOTE18.jpg\"
Provisions and Contingent Liabilities
Financial Reporting Principles
A provision is a liability with uncertain timing and amount. Provisions are recognized when cash outflow is
considered probable, the amount can be reliably estimated and the obligation is a result of a past event. All
provisions are presented as short-term as they are part of the operating cycle.
A contingent liability is a possible obligation that arises from past events that typically depends on a future
event outside of the company's control, for example a court decision. A provision is made when it is
considered as probable that cash outflow will take place, and the obligation can be measured reliably.
Judgments and Estimates
The provisions are estimated based on a number of assumptions and are highly judgmental in nature. The
various provisions with assumptions and estimation uncertainties are discussed in the table to the right.
Provisions
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Balance as of December 31, 2023
666
1,227
1,512
3,405
Provisions made during the year
229
1,013
81
1,323
Provisions used during the year
-58
-657
-190
-905
Provisions reversed during the year
-25
-9
-53
-88
Currency translation differences
13
1
-59
-46
Balance as of December 31, 2024
825
1,574
1,291
3,690
Provisions made during the year
264
279
317
860
Provisions used during the year
-55
-1,252
-36
-1,343
Provisions reversed during the year
-104
0
-52
-156
Reclassifications
0
0
27
27
Currency translation differences
-6
-2
-19
-27
Balance as of December 31, 2025
924
599
1,526
3,050
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Expected timing of payments
Payment within one year
182
1,424
169
1,775
Payment after one year
643
150
1,122
1,915
Total as of December 31, 2024
825
1,574
1,291
3,690
Payment within one year
76
576
259
911
Payment after one year
848
23
1,268
2,139
Total as of December 31, 2025
924
599
1,526
3,050
Warranties
The provision for warranties relates to expected re-work for products and services delivered to customers.
The warranty period is normally two to five years. The provision is based on the historical average warranty
expense for each type of equipment and an assessment of the value of delivered products and services
currently in the warranty period. The provision can also be a higher or lower amount following a specific
evaluation of the actual circumstances for each contract. The final warranty cost may differ from the
estimated warranty provision. Warranty provisions in 2024 and 2025 include amounts related to the
disposed subsea business that was contributed into SLB OneSubsea. Aker Solutions is responsible for
possible warranty claims related to subsea deliveries before the transaction.
Onerous Contracts
The provision includes onerous customer contracts with expected losses upon completion. The provision is
mainly driven by legacy lump sum projects contracted in 2021. The cost in the projects have been impacted
by increased commodity prices and supply chain constraints driven by the war in Ukraine, changes in designs
and increased carry-over work from a subcontractor.
Note 19 continues on next page
Note 19 Provisions and Contingent Liabilities cont.
Other
Other provisions relate to other liabilities with uncertain timing or amount. This includes provisions related to
certain indemnities given in relation to the disposal of the subsea operations in 2023 of NOK 982 million
(NOK 978 million in 2024) reported as part of the result from discontinued operations in 2023. The subsea
related provision includes the ICMS tax claim in Brazil and is dependent on the administrative and legal
proceedings. The timing of a final decision is difficult to determine and it could take five to ten years before a
final decision is made. The subsea related provision also includes provision for unavoidable costs during the
next ten years on premises remaining in Aker Solutions after the disposal of subsea operations.
Other provisions includes provisions for restructuring, mainly in Norway and the UK. Total amount included in
other provisions amount to NOK 223 million for 2025 (0 in 2024). Provision for gratitude pensions of NOK 27
million related to prior years have been reclassified from pension liability to other provisions in 2025.
Other provisions also include provisions for claims, leasehold dilapidations, tax and certain employee
benefits.
Contingent Liabilities
Disputes with customers are normally settled during the final negotiations with the customer upon delivery
and provided for in the project\u2019s accounts. However, given the scope of the group\u2019s worldwide operations
there is a risk that legal claims may arise in the future for deliveries where revenue has been recognized in
the past. Legal and tax claims are assessed on a regular basis.
Nordsee Ost Arbitration
In March 2021, Aker Solutions received a favorable outcome in the Nordsee Ost arbitration process, and
NOK 698 million (EUR 67 million) was paid to Aker Solutions in 2021. Aker Solutions recognized NOK 125
million as revenue, NOK 147 million as interest income and remaining NOK 426 million as settlement of
accounts receivable in 2021. In June 2021, the counterparty RWE submitted an application for annulment of
the arbitration award to the German Courts. Based on settlement between the parties in 2025, the
annulment application has been withdrawn and consequently formalized by order from the Higher Regional
Court of Hamburg. The proceedings are hereby concluded in its entirety and the case does no longer
represent a contingent liability for Aker Solutions.
Trade and Other Payables
Trade and Other Payables
Amounts in NOK million
2025
2024
Trade creditors
3,421
2,744
Trade creditors, related parties
1,896
25
Trade payables
5,317
2,769
Accrued operating costs
5,748
7,403
Public duties and taxes
945
993
Other current liabilities
1,141
1,015
Other payables
7,834
9,411
Total
13,151
12,180
Accrued operating costs mainly relate to cost accruals in projects, salary and holiday pay for own employees
and cost for hired in personnel and was impacted by high activity level in 2025 and 2024. Accrued operating
costs at year end 2024 included NOK 1.3 billion related to cost not yet invoiced by joint venture in Dubai.
Trade creditors include NOK 13 million as of December 31, 2025 (NOK 10 million in 2024)
due after one year.
See note 3 for more information about customer contract liabilities
See note 27 for more information about payables to related parties
Financial Risk Management and Exposures
The objective of financial risk management is to manage and control financial risk exposures to increase the
predictability of earnings and minimize potential adverse effects on the company\u2019s financial performance from
volatility in financial markets. The most prominent financial risk for Aker Solutions is currency exposure arising
from costs and revenues in foreign currency. Aker Solutions uses derivatives to hedge currency risk exposures and
aims to apply hedge accounting whenever possible in order to reduce the volatility resulting from the periodic
market-to-market revaluation of financial instruments in the income statement. The company is also exposed to
interest rate risk, credit risk, liquidity risk and price risk.
Risk Management
Risk management of financial risks is performed in every project and is the responsibility of the project
manager. They cooperate with local finance managers and treasury to identify, evaluate and hedge financial
risks in line with governing documents approved by the Board of Directors. The company has well-
established procedures for overall risk management, as well as procedures for the use of derivatives and
financial investments.
Geopolitical unrest
An unstable geopolitical situation has increased volatility and risk in financial markets over the recent years.
The geopolitical situation remains uncertain, and continues to negatively affect prices and financial markets.
\u25fc Currency risk: Volatility in the currency market remains high. Aker Solutions uses currency variation
clauses, multi-currency contract formats, escalation mechanisms, contingency buffer included in tender
prices, and currency options to mitigate contingent currency exposures in tenders.
\u25fc Credit risk: Operational challenges due to restrictions on mobility, volatile commodity prices and the
ongoing transition towards renewable energy has increased credit risk in the energy sector. Due to a
predominance of large international energy companies with a relatively low credit risk in its customer
base, the exposure for Aker Solutions to this increased credit risk is limited.
\u25fc Liquidity risk: The current market uncertainty has increased the liquidity risk. However, solid order
backlog and strong cash generation from operations have contributed to a strong balance sheet and
visibility.
Currency Risk
Aker Solutions has international operations and is exposed to currency risk on commercial transactions,
assets and liabilities when payments and revenues are denominated in a currency other than the functional
currency of the respective entity. The company's exposure to currency risk is primarily related to USD, EUR
and GBP. The company's primary translation risk is related to USD, EUR and GBP.
Use of Currency Derivatives
The Aker Solutions' governing procedures require all entities to identify and mitigate currency exposure in all
contracts. Aker Solutions manages the currency risk in the tender period either by including currency clauses
in the tender, entering into derivative instruments or including a contingency in the tender price. All entities
identify and hedge their exposure with the Corporate treasury department. The Corporate treasury
department manages the overall currency exposures based on well established currency risk strategy and
procedures.
Each entity designates all foreign currency hedge contracts with treasury as cash flow hedges or as hedges
of separate embedded derivatives. Treasury enters into external foreign exchange contracts separately for
revenue and cost exposure. The overarching strategy is that 80 percent of the value of the hedging
instruments shall either qualify for hedge accounting or be hedges of separate embedded derivatives.The
qualifying portion of hedges was 92 percent as of December 31, 2025. Treasury monitors hedges not
qualifying for hedge accounting and non-qualifying hedges are reported in the \"other\" segment. Currency
exposure from long-term investments in foreign currencies is only hedged when specifically instructed by
management. A net-investment hedge to mitigate the foreign exchange risk associated with parts of Aker
Solutions\u2019 investments denominated in USD has been in place since 2024.
Non-Convertible Currencies
Aker Solutions operates in some jurisdictions where regulations and requirements may limit the convertibility
of local currency and restrict free flow of cash. Mitigating actions are taken to minimize the currency
exposure. However, Aker Solutions has historically experienced currency exposures in such jurisdictions
where no means of hedging has been available.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont
Exposure to Currency Risk
The net exposure as of December 31 is shown in the following table. A bank deposit in a currency different
than the functional currency of the entity represent an exposure for the group. A negative amount on bank
deposits represent an overdraft for the entities. Estimated forecasted cash flows in the table are calculated
based on the entity's hedge transactions with treasury, as these are considered to be the best estimate of
future revenue and cost in foreign currencies. The net exposure is closely monitored by treasury.
2025
2024
Amounts in million
USD
EUR
GBP
USD
EUR
GBP
Bank deposits
-77
-35
-114
-150
-128
-165
Intercompany and related parties deposits (+) and loan (-)
-59
-1
-1
-73
0
-1
Balance sheet exposure
-136
-37
-115
-223
-128
-166
Forecasted receipts from customers
31
283
10
11
90
22
Forecasted payments to vendors
-42
-40
-15
-31
-64
-14
Cash flow exposure
-11
243
-6
-20
26
8
Forward exchange contracts
146
-206
121
240
102
157
Net exposure in currency
0
0
0
-3
0
-1
Net exposure in NOK
-4
-1
1
-30
-4
-13
Treasury is allowed to hold positions within an approved trading mandate. The currency exposures in USD,
EUR and GBP per December 31, 2025 and 2024, were within the trading mandate.
Sensitivity Analysis - Fair Value of Financial Instruments
A change in currency rate impacts the value of monetary assets and liabilities resulting in gains and losses
for the subsidiaries and the group. Items such as accounts receivables and accounts payables are either
hedged naturally through our customer and supplier contracts or they are hedged with foreign currency
derivatives. The material foreign exchange exposure for the group lies in the 20 percent ownership of SLB
OneSubsea and the ownership of shares in SLB. Part of the foreign exchange exposure of the ownership in
SLB OneSubsea has been hedged with foreign exchange forward contracts. The impact on net income and
equity from the ownership of these assets have the following effects from a 15 percent strengthening of USD:
USD 15 percent strengthening
USD million
NOK million
Income (loss)
before tax
NOK million
Equity increase
(decrease)
OneSubsea Investments UK Ltd
409
0
617
OneSubsea LLC
89
0
135
Shares in SLB1
194
293
293
Forward foreign exchange contracts for SLB
OneSubsea investments
-121
0
-183
1) Shares in SLB have been disposed after December 31, 2025.
Credit Risk
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial
instruments fails to meet contractual obligations.
Investment Instruments and Derivatives
Investment instruments, loans, credit facilities and derivatives are only conducted with approved
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA documentation). All
approved banks are participants in the Aker Solutions loan syndicate and have investment grade ratings.
Credit risk related to investment securities and derivatives is therefore considered to be low.
Trade Receivables and Contract Assets
Assessment of credit risk related to customers and subcontractors is an important requirement in the bid
phase and throughout the contract period. Such assessments are based on credit ratings, income statement
and balance sheet reviews and using credit assessment tools available (e.g. BvD Procurement Catalyst).
Revenues are mainly related to large and long-term projects closely followed up in terms of payments in
accordance with agreed milestones. Normally, lack of payment is due to disagreements related to project
deliveries and is solved together with the customer.
Aker Solutions\u2019 major customers are highly rated energy companies where the credit risk is considered to be
limited. Risk related to lower rated companies is monitored closely. The maximum exposure to credit risk at
the reporting date equals the book value of each category of financial assets. The company does not hold
collateral as security.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont
Measurement of Expected Credit Losses (ECLs)
Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company considers a
financial asset to be in default when the borrower is unlikely to pay its credit obligation to the company in full. ECLs
are estimated probability-weighted net present value of future expected credit losses. ECLs are discounted at the
effective interest rate of the financial asset. Loss allowances for trade receivables, contract assets and lease
receivables are always measured at an amount equal to lifetime ECLs. Twelve month ECLs are used for interest-
bearing receivables and bank balances for which credit risk has not increased significantly since initial recognition.
At each reporting date, the company assesses whether any financial assets are credit-impaired. Evidence
that a financial asset is credit-impaired includes when invoices are more than 90 days past due without
agreed postponement, knowledge of significant financial difficulty of the customer or debtor or other
forward-looking information. The gross carrying amount of a financial asset is written off (either partially or in
full) to the extent that there is no realistic prospect of recovery. This is generally the case when the company
determines that the debtor does not have assets or sources of income that could generate sufficient cash
flows to repay the amounts subject to write-off.
Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial
liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity reserves to meet its liabilities when due.
Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an
adequate amount of committed credit facilities and the ability to close out market positions. Management
monitors rolling weekly and monthly forecasts of the company\u2019s liquidity reserve on the basis of expected
cash flow. Due to the dynamic nature of the underlying businesses, treasury maintains flexibility in funding by
maintaining availability under committed credit lines in addition to cash and liquid investments.
Financial Liabilities and the Period in which they Mature
2025
Amounts in NOK million
Book
value
Total
cash
flow1
6
months
and less
6-12
months
1-2 years
2-5
years
More
than 5
years
Financial instruments
56
56
27
9
19
0
0
Trade and other payables
13,151
13,151
13,136
2
0
9
4
Lease liabilities
3,135
3,866
403
354
594
1,071
1,444
Total liabilities
16,341
17,072
13,566
365
613
1,080
1,448
2024
Amounts in NOK million
Book
value
Total
cash
flow1
6
months
and less
6-12
months
1-2 years
2-5
years
More
than 5
years
Financial instruments
17
17
8
6
2
3
0
Trade and other payables
12,180
12,180
12,170
1
0
10
0
Lease liabilities
3,345
3,846
443
393
621
1,225
1,163
Total liabilities
15,542
16,043
12,621
400
623
1,237
1,163
1) Nominal currency value including interest.
Cash Pool Arrangements
The company policy for the purpose of optimizing availability and flexibility of cash within the company is to
operate centrally managed cash pooling arrangements. Such arrangements are either organized with a bank
as a service provider, or as a part of the operation of treasury. An important condition for the participants
(entities) in such cash pooling arrangements is that Aker Solutions as an owner of such pools is financially
viable and is able to prove its capability to service its obligations concerning repayment of any net deposits
made by entities. The company policy is not applied in countries where local laws prohibit international cash
pool arrangements, such as India, Congo and Canada.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont
Price Risk
The company is exposed to fluctuations in market prices both in the investment portfolio and in the operating
businesses related to individual contracts. The units are exposed to changes in market prices for raw
materials, equipment and wage inflation. This is managed in the bid process by locking in committed prices
from key vendors as basis for offers to customers or through escalation clauses with customers.
Guarantees
The company has provided the following guarantees on behalf of wholly owned subsidiaries and related
parties as of December 31 (all obligations are per date of issue):
\u25fc Non-financial parent company guarantees related to project performance on behalf of group companies
\u25fc Financial parent company indemnity guarantees for fulfillment of lease obligations, credits and loans
were NOK 6.6 billion (NOK 7.6 billion in 2024)
\u25fc Financial guarantees including counter guarantees for bank/surety bonds and guarantees for pension
obligations to employees were NOK 6.2 billion (NOK 6.2 billion in 2024)
Guarantee on Behalf of Akastor
Aker Solutions was demerged from Akastor in 2014, and parties in a demerger have joint liability according
to Norwegian law. If an obligation that arose prior to the completion of the demerger is not met by either
party, the other party will have secondary joint liability for such obligation. The remaining value of the
financial guarantees where Aker Solutions has a secondary joint liability was NOK 0.5 billion per December
31, 2025, compared to NOK 0.9 billion per December 31, 2024. There is only one guarantee remaining which
expires end of September 2027. There are no provisions related to the guarantee as the likelihood of any
payments related to the joint liability is considered to be low.
See note 13 for more information about trade and other receivables
See note 15 for more information about cash and available credit facility
See note 17 for more information about lease liabilities
See note 20 for more information about trade and other payables
See note 23 for more information about derivatives
See note 24 for more information about financial assets and liabilities
See note 29 for more information about the disposal of the shares in SLB
Capital Management
The objective of Aker Solutions' capital management policy is to optimize the capital structure to ensure
sufficient and timely funding over time to finance its activities at the lowest cost, in addition to investing in
projects and businesses which will increase the company's return on capital employed over time.
Investment Policy
Aker Solutions\u2019 capital management is based on a rigorous investment selection process which considers not
only Aker Solutions\u2019 weighted average cost of capital and strategic orientation, but also external factors such
as market expectations and extrinsic risk factors. This selection process is coupled with a centralized
approval process for all capital expenditures to be incurred by the group.
Funding Policy
Liquidity Planning
Aker Solutions has a strong focus on liquidity in order to meet its working capital needs short-term and to
ensure solvency for its financial obligations long-term. The group\u2019s internal guideline is to have a minimum
liquidity reserve of NOK 3 billion, including cash and undrawn committed credit facilities. As per December
31, 2025 the liquidity reserve amounted to NOK 8.7 billion compared to NOK 5.9 billion in the prior year. It
was composed of an undrawn committed credit facility, cash in bank accounts and bank deposits. The cash
position in Aker Solutions is still robust after the distribution of extraordinary dividend of NOK 10 billion in
December 2024.
Funding of Operations
Aker Solutions\u2019 funding policy states that all operating units will be funded through corporate treasury. This
ensures optimal availability and transfer of cash within the group, improved control of the group's capital
structure and optimized terms and conditions on funding of the group\u2019s operations. The group policy is not
applied in countries where local laws prohibit international cash pool arrangements.
Aker Solutions emphasizes financial flexibility and steers its capital structure to ensure a balance between
liquidity risk and refinancing risk. In this perspective, any loans and other external borrowings will be
renegotiated well in advance of their due date.
Aker Solutions aims to have a diversified mix of funding sources to obtain an optimal cost of capital. These
funding sources may include:
\u25fc The use of banks based on syndicated credit facilities or bilateral agreements
\u25fc The issue of debt instruments in the Norwegian debt capital market
\u25fc The issue of debt instruments in international capital markets
As per December 31, 2025 Aker Solutions did not have any drawn debt.
Debt Covenants
The group has an undrawn Revolving Credit Facility (RCF), maturing January 30, 2028. Total commitments
in the facility was increased under an Accordion Facility in the agreement from NOK 3 billion to NOK 5 billion
in December 2025. The facility is provided by a syndicate of ten banks which contains financial covenants
based on gearing and interest cover ratios. The terms and conditions include restrictions which are
customary for these kind of facilities, including inter alia negative pledge provisions, financial covenants and
restrictions related to acquisitions, disposals and mergers. There are also certain provisions of change of
controls included in the agreement. There are no restrictions for dividend payments and the facility is
unsecured. Interest terms for the revolving credit facility is 3 month NIBOR plus a fixed margin of 1.5 percent.
The margin applicable to the facility is determined by leverage ratio. Utilization fee applies based on utilized
portion of credit facility. Commitment fee is 35 percent of the margin.
All debt covenants are based on IFRS excluding the impact of IFRS 16. At year-end 2025, all ratios were well
within the covenants in the RCF.
Aker Solutions has the following debt covenants for the RCF:
\u25fc The company\u2019s gearing ratio shall not exceed 3.5, calculated from net debt to adjusted EBITDA
\u25fc The company\u2019s interest cover ratio shall not be less than 3.5, calculated from adjusted EBITDA to net
finance cost
Note 22 continues on next page
Note 22 Capital Management cont.
Gearing and Interest Cover Ratios at December 31
Amounts in NOK million
2025
2024
Gearing ratios
Non-current interest-bearing borrowings
0
0
Current interest-bearing borrowings
0
0
Gross interest-bearing debt
0
0
Cash and cash equivalents
3,715
2,860
Net debt
-3,715
-2,860
EBITDA excl. IFRS 161
4,406
3,973
Restructuring and other special items as defined in the loan agreement
188
41
Adjusted EBITDA
4,594
4,014
Gross interest-bearing debt/adjusted EBITDA
0
0
Net debt/adjusted EBITDA
-0.8
-0.7
Interest cover
Adjusted EBITDA excl. IFRS 161
4,594
4,014
Net interest expense as defined in the loan agreement
57
291
Adjusted EBITDA/Net finance cost
80.0
13.8
1) Excluding IFRS 16 means that leasing cost is reported as part of operating cost and included in EBITDA.
See note 21 for more information about financial risk management
See note 23 for more information about interest rate derivatives
See note 24 for more information about financial assets and liabilities
Derivative Financial Instruments
Aker Solutions has future cash flows to be settled in foreign currencies, and forward contracts are the most
commonly used derivative to hedge such exposures. The governing documents states that all foreign
exchange exposure shall be hedged or mitigated by other means. The overarching strategy is that 80
percent of the value of the hedging instruments shall either qualify for hedge accounting or be hedges of
separate embedded derivatives. Aker Solutions\u2019 interest rate exposure mainly arises from its cash position.
Aker Solutions has no external debt or outstanding interest rate swaps.
Financial Reporting Principles
Cash Flow Hedges of Foreign Currency
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In addition,
currency options are sometimes used to hedge exposures. In case of changes in the expected maturity
dates, currencies or amounts of the hedged items, corresponding derivatives are routinely adjusted (pre-
matured or rolled over), usually by means of currency swaps.
The hedged transactions in foreign currency subject to cash flow hedge accounting are highly probable
future transactions expected to occur at various dates during the next one to four years, depending on
progress of the projects and firm commitments. The derivatives are recognized initially and subsequently at
fair value in the balance sheet, and the effective portion of changes in the fair value is recognized in other
comprehensive income as a hedge reserve.
Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk and applies
a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and maturity of the
forward exchange contracts to align with the hedged item. The existence of an economic relationship
between the hedging instrument and hedged item is determined based on matching critical terms of their
respective cash flows. In addition, an assessment is made to determine whether the derivative designated in
each hedging relationship is expected to be, and has been, effective in offsetting changes in cash flows of
the hedged item by the hypothetical derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u25fc Any sequential change of timing of the hedged item;
\u25fc Change in the total amount of the hedge item; and
\u25fc Significant change in the counterparty's and Aker Solutions' credit risk
Aker Solutions designate some net positions in hedging relationships. Certain hedged transactions are not
accounted for by applying hedge accounting, primarily because internal hedged transactions are grouped
and netted before external hedge transactions are established. Changes in the fair value of derivatives will be
reported as financial income or expenses. Remaining derivatives not applying hedge accounting include
derivatives used by treasury to hedge the residual exposure of the company as part of its mandate through
currency forwards and foreign exchange swaps. In addition, Aker Solutions has designated forward
exchange contracts as net investment hedges to hedge foreign exchange risk related to the
USD\u2011denominated exposure embedded in its investment in SLB OneSubsea. As of December 31, 2025, the
company held forward exchange contracts with a nominal amount of USD 121 million designated as net
investment hedges. During 2025, roll\u2011over of these contracts resulted in positive cash effects of NOK 192
million.
Hedge accounting is discontinued with immediate recognition in finance income and expenses in the income
statement when a hedge no longer qualifies for hedge accounting, for example upon sale, expiration,
termination or when a forecasted transaction is no longer probable. The derivative financial instruments are
classified as current assets or liabilities as they are part of the operating cycle.
Foreign Currency as Embedded Derivatives
Embedded derivatives may exist in contracts with a currency other than the currency of the contracting
partners. The embedded derivative will under certain circumstances be separated and recognized at fair
value in the balance sheet and changes recognized in the income statement. These entries will result in
corresponding and opposite effects compared to the hedging instrument.
Aker Solutions applies the following separation criteria for embedded derivatives:
\u25fc The embedded derivative needs to be separated if the agreed payment is in a currency different from any
of the major contract parties' own functional currency, or
\u25fc that the contract currency is not considered to be commonly used for the relevant economic environment
Cash Flow Hedges of Interest Rates
Aker Solutions' interest exposure in 2025 has mainly been from the cash position, there has not been any
hedges of interest rates in 2025.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Fair Values and Maturity
The following table presents the fair value of the derivatives and a maturity analysis of the derivatives undiscounted cash flows. Given Aker Solutions hedging policy and the assumption that projects are cash neutral, this table
also indicates when the cash flows related to project expenses are expected to impact profit and loss. Project revenues are recognized over time according to the progress of the project. This may result in differences between
cash flow and revenue recognition. All material financial derivatives are held for hedging purpose.
2025
2024
Amounts in NOK million
Instruments
at fair value1
6 months or
less
6-12 months
1-2 years
Over 2 years
Instruments
at fair value1
6 months or
less
6-12 months
1-2 years
Over 2 years
Assets
Cash flow hedging instruments
7
5
1
1
0
56
3
52
1
0
Fair value adjustments to hedged instruments
-1
-1
0
0
0
-38
-2
-36
0
0
Fair value of net investments
8
8
0
0
0
0
0
0
0
0
Embedded derivatives in ordinary commercial contracts
1
0
0
0
0
5
5
0
0
0
Other financial instruments
19
19
0
0
0
83
77
6
0
0
Total financial instrument assets
33
31
1
1
0
106
83
22
1
0
Liabilities
Cash flow hedging instruments
-39
-11
-9
-19
0
-31
-11
-16
-2
-3
Fair value adjustments to hedged instruments
1
1
0
0
0
12
3
9
0
0
Embedded derivatives in ordinary commercial contracts
-2
-2
0
0
0
-1
-1
0
0
0
Other financial instruments
-16
-15
0
0
0
3
1
1
0
0
Total financial instrument liabilities
-56
-27
-9
-19
0
-17
-8
-6
-2
-3
Net financial instruments
-23
3
-8
-18
0
89
75
16
-1
-3
1) Cash flows from matured derivatives are translated to NOK using the exchange rates on the balance sheet date.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Forward Currency Contracts
The table below includes an overview of all open forward currency contracts. The forward currency contracts that does not qualify for hedge accounting are mainly cash management derivatives hedging cash deposits or
overdrafts in other currencies than NOK. Forward currency contracts for net investments hedge parts of the foreign currency exposure in our SLB OneSubsea investments.
Nominal foreign currency amounts in million
USD
EUR
GBP
Forward currency contracts qualifying for hedge accounting
0
-231
6
Forward currency contracts not qualifying for hedge accounting
146
25
115
Forward currency contracts net investment
-121
0
0
Total changes in fair value
25
-206
121
Unsettled Hedges
The table below shows the impact from the unsettled cash flow hedges on profit and loss and equity (not adjusted for tax).
2025
2024
Amounts in NOK million
Fair value of all
hedging instruments
Recognized in profit
and loss
Deferred in equity
(the hedge reserve)
Fair value of all
hedging instruments
Recognized in profit
and loss
Deferred in equity
(the hedge reserve)
Forward exchange contracts (cash flow hedges)
-32
-2
-30
24
22
2
The purpose of the hedging instrument is to secure a situation where the hedged item and the hedging instrument together represent a predetermined value independent of fluctuations of exchange rates. Revenue and
expenses on the underlying customer contracts are recognized in the income statement in accordance with progress. Consequently, NOK -2 million (NOK 22 million in 2024) of the value of the forward contracts have already
impacted the income statement. The NOK -30 million (NOK 2 million in 2024) that are currently recorded in the hedge reserve, will be reclassified to the income statement over the next years.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Hedge Reserve Movement
The table below shows the movement in the hedge reserve from changes in the cash flow hedges.
Amounts in NOK million
Hedge reserve
Balance as of January 1, 2024
-1
Forward currency
-16
Interest rate swaps
-7
Total changes in fair value
-23
Forward currency contracts
25
Interest rate swaps
1
Total amount reclassified to profit or loss
26
Tax on movements on reserves during the year
0
Balance as of December 31, 2024
2
Forward currency contracts
-59
Interest rate swaps
0
Total changes in fair value
-59
Forward currency contracts
28
Interest rate swaps
0
Total amount reclassified to profit or loss
28
Tax on movements on reserves during the year
7
Balance as of December 31, 2025
-23
See note 24 for more information about financial assets and liabilities
Financial Assets and Liabilities
The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair
value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an
active market, whereas level three fair values are based on assumptions made by the company in the
absence of quoted prices.
The Fair Value Hierarchy
The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy. It does not include fair value information for financial assets
and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair
value.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u25fc Level 1: Fair values are based on prices quoted in an active market for identical assets or liabilities.
\u25fc Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from
observable market transactions in an active market for identical assets or liabilities. Level 2 includes
currency or interest derivatives and interest bonds, typically when the group uses forward prices on
foreign exchange rates or interest rates as inputs to valuation models.
\u25fc Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the
absence of quoted prices from an active market or other observable price inputs.
Note 24 continues on next page
Note 24 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2025
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI 1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
12
0
12
0
0
11
12
Non-current receivables
0
0
528
0
0
528
0
0
0
0
Trade and other receivables
0
0
8,267
0
0
8,267
0
0
0
0
Forward foreign exchange contracts
32
0
0
0
0
32
0
32
0
32
Fair value embedded derivatives
1
0
0
0
0
1
0
1
0
1
Current interest-bearing receivables
0
0
73
0
0
73
0
0
0
0
Financial investments
0
1,953
0
0
0
1,953
1,953
0
0
1,953
Cash and cash equivalents
0
0
3,715
0
0
3,715
0
0
0
0
Financial assets
33
1,953
12,583
12
0
14,580
1,953
33
11
1,997
Trade and other payables3
0
0
0
0
-9,627
-9,627
0
0
0
0
Lease liabilities
0
0
0
0
-3,135
-3,135
0
0
0
0
Forward foreign exchange contracts
-53
0
0
0
0
-53
0
-53
0
-53
Fair value embedded derivatives
-2
0
0
0
0
-2
0
-2
0
-2
Financial liabilities
-56
0
0
0
-12,763
-12,818
0
-56
0
-56
1) FVTPL is short for fair value through profit and loss. FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase
price.
3) Trade and other payables that are not financial liabilities at negative NOK 3,523 million in 2025 are not included.
Note 24 continues on next page
Note 24 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2024
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI 1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
16
0
16
3
0
14
16
Non-current receivables
0
0
824
0
0
824
0
0
0
0
Trade and other receivables
0
0
6,412
0
0
6,412
0
0
0
0
Forward foreign exchange contracts
101
0
0
0
0
101
0
101
0
101
Fair value embedded derivatives
5
0
0
0
0
5
0
5
0
5
Current interest-bearing receivables
0
0
142
0
0
142
0
0
0
0
Financial investments
0
2,197
0
0
0
2,197
2,197
0
0
2,197
Cash and cash equivalents
0
0
2,860
0
0
2,860
0
0
0
0
Financial assets
105
2,197
10,237
16
0
12,556
2,200
105
14
2,319
Trade and other payables3
0
0
0
0
-6,456
-6,456
0
0
0
0
Lease liabilities
0
0
0
0
-3,345
-3,345
0
0
0
0
Forward foreign exchange contracts
-16
0
0
0
0
-16
0
-16
0
-16
Fair value embedded derivatives
-1
0
0
0
0
-1
0
-1
0
-1
Financial liabilities
-17
0
0
0
-9,801
-9,818
0
-17
0
-17
1) FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase
price.
3) Trade and other payables that are not financial liabilities at negative NOK 5,724 million in 2024 are not included.
See note 13 for more information about trade and other receivables
See note 14 for more information about financial investments
See note 20 for more information about trade and other payables
See note 21 for more information about financial risk management
See note 23 for more information about derivatives
See note 26 for more information about other investments
Subsidiaries and NCIs
Subsidiaries: Aker Solutions has 56 subsidiaries in 24 countries at the reporting date. The number of countries where Aker Solutions had employees was 14 , whereas operations in 13 countries. The group holds the
majority of the shares in all subsidiaries except two, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company
Location
Country
Percent
Aker Solutions Enterprises, LDA
Luanda
Angola
49
C.S.E. Mec\u00e2nica e Instrumenta\u00e7\u00e2o Ltda
Curitiba
Brazil
100
Aker Solutions Sdn Bhd
Kuala Belait
Brunei
100
PTAS Aker Solutions Sdn Bhd
Kuala Belait
Brunei
75
Aker Solutions Asset Integrity and Management Canada Inc.
Newfoundland
Canada
100
Aker Solutions Canada Inc
Vancouver
Canada
100
Aker Solutions Marine Contractors Limited
St John's
Canada
100
Aker Solutions Hydropower Hangzhou Co Ltd
Hangzhou
China
100
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Finland Oy
Ulvila
Finland
100
Aker Solutions SAS
Paris
France
100
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions Ghana Holding Ltd
Accra
Ghana
100
Aker Solutions Deepwater Ghana Ltd
Accra
Ghana
80
Aker Powergas Pvt Ltd
Mumbai
India
100
Aker Engineering International Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Engineering Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions India Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Jana Megaton Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions BV
Zoetemer
Netherlands
100
Additech AS
Bergen
Norway
100
Aker Installation FP AS
Fornebu
Norway
100
Aker Insurance Services AS
Fornebu
Norway
100
Aker Security AS
Fornebu
Norway
100
Aker Solutions AS
Fornebu
Norway
100
Aker Solutions Financial Holding AS
Fornebu
Norway
100
Aker Solutions Holding AS
Fornebu
Norway
100
Alma Clean Power AS
Bergen
Norway
100
Benestad Solutions AS
Lierskogen
Norway
100
Kv\u00e6rner Resources AS
Fornebu
Norway
100
Company
Location
Country
Percent
Unitech Power Systems AS
Stavanger
Norway
100
Aker Solutions Poland Sp. z o.o.
Warsaw
Poland
100
Aker Solutions Gulf Services WLL
Doha
Qatar
49
Aker Solutions Saudi Arabia Co. Ltd.
Al-Khobar
Saudi Arabia
100
Aker Solutions Korea Co. Ltd
Geoje
South Korea
100
Aker Solutions Hydropower AB
Kristinehamn
Sweden
100
K Water AB
\u00d6rnsk\u00f6ldsvik
Sweden
100
Aker Solutions Hydropower Switzerland AG
Vaud
Switzerland
100
Aker Solutions Tanzania Ltd
Dar es Salaam
Tanzania
100
Aker Solutions Hydro Enerji Limited Sirketi
Istanbul
Turkey
100
Aker Engineering and Technology Ltd
London
UK
100
Aker Engineering Malaysia Ltd
Leeds
UK
100
Aker Offshore Partner Ltd
Aberdeen
UK
100
Aker Solutions DC Trustees Ltd
London
UK
100
Aker Solutions EAME Limited
Aberdeen
UK
100
Aker Solutions Enterprises International (UK) Limited
London
UK
100
Aker Solutions Holding Limited
Aberdeen
UK
100
Aker Solutions Ltd
Maidenhead
UK
100
Kvaerner Contracting Ltd
London
UK
100
Aker Solutions Energy Solutions FZE
Dubai Maritime City
UAE
100
Aker Solutions Inc.
Houston
USA
100
Aker Solutions USA Corporation
Houston
USA
100
Kvaerner Americas Holdings Inc
Canonsburg
USA
100
Kvaerner Renewables US LLC
Canonsburg
USA
100
Note 25 continues on next page
Note 25 Subsidiaries and NCIs cont.
Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in two subsidiaries as shown in the table above and
has control over relevant activities through shareholders agreements. The subsidiaries are fully consolidated.
Non-controlling interest represent equity interest in subsidiaries held by other owners than Aker Solutions.
Non-controlling interest share of profit and equity is presented separately in the income statement and in the
balance sheet.
The following entities are not legally transferred to SLB OneSubsea due to delayed closing. The subsea
business in these entities are not consolidated as Aker Solutions does not have control of operations or
rights to cash generations.
Company
Location
Country
Aker Solutions Congo SA
Point-Noire
Congo
Aker Solutions Ghana Ltd
Accra
Ghana
Investments in Companies
Financial Reporting Principles
Joint ventures are those entities where the company has joint control and rights to net assets. Associates are
those entities where the company has significant influence, but not control or joint control (usually between
twenty and fifty percent of the voting power). Interests in joint ventures and associates are accounted for
using the equity method. The investments are initially recognized at cost (including transaction costs) and
subsequently increased or decreased to recognize the share of the profit or loss. The profit or loss for the
equity-accounted investees is presented as part of total revenue when the operations are closely linked to
the current operations of Aker Solutions, otherwise they are presented as financial income.
Other investments are those entities in which the company does not have significant influence. These are
usually entities where the company holds less than twenty percent of the voting power. Such investments are
designated as equity securities at fair value through other comprehensive income (FVOCI) as they represent
long-term strategic investments. When the investments are sold, the accumulated gain or loss in equity is not
reclassified to the income statement. The loss recognized in OCI in 2025 was NOK 0 million (loss of NOK 2
million in 2024). Unlisted shares are usually measured at cost less impairment, as this is assumed to be the
best estimate of fair value.
Investments in Companies
The company has recognized the following balances for its investment in other companies:
Amounts in NOK million
2025
2024
Joint Ventures and Associates
7,007
7,870
Other investments
12
16
Total investment in companies
7,018
7,886
Joint Ventures and Associates (Equity Accounted Investees)
The company had 14 equity-accounted investments as of December 31, 2025. Ownership percentage equals
the percentage of voting shares.
Name of company
Office
Percent
Type
Kiewit-Kvaerner Contractors (KKC)
Newfoundland, Canada
50.0%
Joint venture
KDS JV AS
Fornebu, Norway
50.0%
Joint venture
EPE Eigedom AS
Stord, Norway
50.0%
Joint venture
Eld\u00f8yane N\u00e6ringspark AS
Stord, Norway
50.0%
Joint venture
Rosebank JV Ltd
Dubai, United Arab Emirates
50.0%
Joint venture
AKSO DDW HVDC JV Limited
Dubai, United Arab Emirates
50.0%
Joint venture
Concrete Structures AS
Fornebu, Norway
50.0%
Associate
Siva Verdal Eiendom AS
Trondheim, Norway
46.0%
Associate
Bemlotek AS
Fornebu, Norway
24.6%
Associate
Windstaller Alliance AS
Fornebu, Norway
33.3%
Associate
Team Aker D\u00e6hli AS
Fornebu, Norway
33.3%
Associate
OneSubsea LLC
Houston, USA
20.0%
Associate
OneSubsea Processing AS
Sandsli, Norway
20.0%
Associate
OneSubsea Investments UK Ltd
London, UK
20.0%
Associate
Note 26 continues on next page
Note 26 Investment in Companies cont.
The following table provides a summary of changes in carrying value for Aker Solutions joint ventures and
associates.
2025
2024
Amounts in NOK million
SLB
OneSubsea
Other
Total
SLB
OneSubsea
Other
Total
Equity accounted investees per January 1
7,761
109
7,870
6,468
88
6,555
Acquisition
0
0
0
0
35
35
Share of net profit included in other
income
749
7
757
789
1
790
Other comprehensive income
115
0
115
-170
0
-170
Reclassification from other investments
0
9
9
0
-14
-14
Dividends received
-841
-12
-853
-77
-2
-78
Currency translation differences1
-888
-3
-891
751
1
752
Equity accounted investees per
December 31
6,897
110
7,007
7,761
109
7,870
1)NOK -888 million (NOK 751 million in 2024) consist of NOK -784 million (NOK 666 million in 2024) in translation differences of
the equity accounted investees, while the remaining NOK -105 million (NOK 84 million in 2024) relates to translation of Aker
Solutions Inc which holds the investment in OneSubsea LLC and is reported as translation differences related to other foreign
operations in OCI.
Significant Associates
SLB OneSubsea is operating in the subsea business and consists of three separate legal entities; OneSubsea
LLC, OneSubsea Processing AS and OneSubsea Investments UK Ltd. The legal entities are established in the
US, Norway and the UK. These entities are considered material for Aker Solutions. Aker Solutions Inc owns
the partnership interests in OneSubsea LLC which is a transparent entity for income tax purposes in the US.
The following table summarizes financial information for the entities at a consolidated level. The figures are
at the same basis as used in the group financial statements and represents an IFRS conversion of SLB
OneSubsea\u2019s consolidated income statement and balance sheet prepared in accordance with US GAAP. The
financial information includes allocation of excess values recognized from assets contributed by SLB and
Aker Solutions. All amounts are for the consolidated entities at a 100 percent basis.
Amounts in NOK million
2025
2024
Current assets
31,183
33,140
Non-current assets
33,567
38,206
Current liabilities
25,626
27,147
Non-current liabilities
4,632
5,385
Net assets
34,492
38,814
Aker Solutions' share of equity (20%)
6,897
7,761
Amounts in NOK million
2025
2024
Revenue
39,798
41,878
Net profit
3,746
3,952
Other comprehensive income
576
-849
Total comprehensive income
4,322
3,103
See note 3 for more information about other income
See note 7 for more information about financial income and expense
Related Parties and Key Management
Compensation
Financial Reporting Principles
Related party relationships are defined to be entities under joint control or significant influence by Aker
Solutions, and companies outside the Aker Solutions group that are under control (either directly or
indirectly) or joint control by the owners having significant influence over Aker Solutions. The management
and the Board of Aker Solutions are also related parties.
Related Parties of Aker Solutions
The largest shareholder of Aker Solutions is Aker Holdings AS, which is wholly-owned by Aker ASA. Aker
Solutions is an associate of Aker ASA, and entities controlled by Aker ASA and entities which Kjell Inge
R\u00f8kke and his close family controls through The Resource Group TRG AS are considered related parties to
Aker Solutions. These entities include companies like Aize and Cognite and are referred to as Aker entities in
this note. Companies that are associates of Aker ASA or The Resource Group TRG AS are not considered
related parties of Aker Solutions, such as Akastor and Aker BP.
Related party relationships also include entities under joint control or significant influence by Aker Solutions.
SLB OneSubsea is an associate of Aker Solutions and defined as a related party. Non-controlling interests
with significant influence are also considered as related parties of Aker Solutions.
Related parties are in a position to enter into transactions with the company that would potentially not be
undertaken between unrelated parties. Transactions with related parties are based on negotiations between
the parties, and management believes that the agreed prices is a fair approximation to arms length prices.
Note 27 continues on next page
\"NOTE27.jpg\"
Note 27 Related Parties cont.
Transactions and Balances with Related Parties
2025
2024
Amounts in NOK million
Aker and TRG
companies
Joint ventures
and associates
Total
Aker and TRG
companies
Joint ventures
and associates
Total
Income statement
Operating revenues
33
2,848
2,881
77
3,221
3,299
Operating costs
-158
-222
-380
-486
-567
-1,053
Depreciation and impairment of ROU assets
-24
-14
-38
-36
-14
-50
Net financial items
14
0
14
89
0
89
Balance sheet
Right-of-use (ROU) assets
46
41
87
298
53
351
Trade receivables
5
587
592
5
337
342
Non-current interest-bearing receivables1
198
0
198
191
0
191
Current interest-bearing receivables
0
0
0
0
19
19
Non-current leasing liabilities
-31
-33
-64
-445
-44
-490
Trade payables
-2
-1,894
-1,896
-1
-25
-25
Current leasing liabilities
-16
-13
-29
-56
-12
-68
1)Aker Solutions has provided NOK 160 million in loans to Aker Pensjonskasse, with accumulated accrued interest of NOK 38 million recognized in the receivable. Aker Solutions has committed to provide
additionally NOK 80 million subject to funding requirements.
Note 27 continues on next page
Note 27 Related Parties cont.
Significant Related Parties Transactions
Aker Solutions has transactions with related parties on a recurring basis as part of normal business. In 2025,
Aker Solutions purchased Additech AS from Clara Venture Labs AS and in 2024 Alma Clean Power AS from
Clara Ventures AS, companies owned by Aker Capital AS, of respectively NOK 29.2 million and NOK 28.6
million.
Aker Solutions has previously leased industrial properties owned by Kjell Inge R\u00f8kke through TRG AS. The
industrial properties were sold from TRG AS to Public Property Invest AS (PPI) in the second quarter in 2025.
The leasing cost for 2025 was NOK 22 million (NOK 71 million in 2024). PPI is an associated company for
Aker ASA and hence not a related party for Aker Solutions. Leasing cost after the second quarter is not
reported as related party cost.
Compensation to Key Management
The key management personnel of Aker Solutions include the Board of Directors and the executive
management team. Refer to further description about management compensation in the Management
Remuneration Report available at www.akersolutions.com/corporate-governance.
Amounts in NOK million
2025
2024
Salaries and wages including holiday allowance
65
58
Social security contributions
10
9
Pension cost
2
2
Termination benefits
0
0
Share-based payments
3
3
Other employee benefits
0
0
Total compensation to key management personnel
80
71
The below table shows the shareholding of Aker Solutions\u2019 Board of Directors and the President and Chief
Executive Officer per December 31, 2025.
Name
Role
Shareholding as of
December 31, 20251
Shareholding as of
December 31, 20241
Kjetel Digre
President and Chief
Executive Officer
223,219
166,527
Leif-Arne Lang\u00f8y
Chairman
159,426
159,426
\u00d8yvind Eriksen2
Deputy Chairman
0
0
Kjell Inge R\u00f8kke3
Director
0
0
Birgit Aagaard-Svendsen
Director
90,000
90,000
Lone F\u00f8nss Schr\u00f8der
Director
0
0
Elisabeth T\u00f8rstad
Director
2,000
2,000
Jan Arve Haugan
Director
136,527
136,527
Hilde Karlsen
Director, employee elected
33,896
29,849
Line Sm\u00e5ge Breidablikk
Director, employee elected
2,182
1,755
Arne Christian R\u00f8dby
Director, employee elected
3,258
2,090
Stian Pettersen Sagvold4, 5
Director, employee elected
N/A
515
Sigurd S\u00e6vareid6
Director, employee elected
0
0
Total
650,508
588,689
1)The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties.
2)\u00d8yvind Eriksen owned 219,614 shares in Aker ASA and 100,000 B-shares (0.2 percent) in TRG Holding AS. Aker ASA, through a
subsidiary owns 39 percent of Aker Solutions (not adjusted for shares owned by Aker Solutions).
3)Kjell Inge R\u00f8kke owns and controls The Resource Group AS, which controls 68 percent of Aker ASA, which through a subsidiary
owns 39 percent of Aker Solutions (not adjusted for shares owned by Aker Solutions).
4)Replaced by Sigurd S\u00e6vareid in September 2025.
5)Stian Pettersen Sagvold held 661 shares as of September 1, 2025, at the end of his term on the Board of Directors.
6)Replaced Stian Pettersen Sagvold in September 2025.
See note 13 for more information about customer contract assets and receivables
See note 17 for more information about leasing contracts
See note 20 for more information about trade and other payables
See note 25 for more information about subsidiaries
See note 26 for more information about joint arrangements and associates
Audit Fees
PwC is the auditor of the group. The table below presents expenses for audit and other services to the
auditor.
Aker Solutions
ASA
Subsidiaries
Total
Amounts in NOK million (excl. VAT)
2025
2024
2025
2024
2025
2024
Audit
3.8
3.8
9.1
9.7
12.9
13.5
Other assurance services
4.1
1.6
0.8
1.3
4.9
2.9
Tax services
0.0
0.0
0.4
0.4
0.4
0.4
Other non-audit services
0.0
1.2
7.8
6.5
7.8
7.7
Total
7.9
6.6
18.1
17.9
26.0
24.5
Subsequent Events
Disposal of Shares in SLB
Subsequent to the reporting period, Aker Solutions sold its entire shareholding in SLB. The shares were
received as part of the consideration related to the establishment of SLB OneSubsea.
A total of 5,057,706 shares were sold during the period February 4 to February 11, 2026 at an average price
of USD 50.43 per share, resulting in gross proceeds of USD 255 million.
As the transaction occurred after the reporting period, it has not been reflected in the financial statements as
of December 31, 2025.
As a result of the settlement of the SLB shares, the Board of Directors have proposed an extraordinary cash
dividend of NOK 5.0 per share to be paid out on April 27, 2026, pending approval in the Annual General
Meeting April 16, 2026.
Geopolitical Developments in the Middle East
In 2026, the world has seen a new escalation of military conflicts in the Middle East after USA\u2019s and Israel\u2019s
attack on Iran at the end of February. Iran\u2019s response has included strikes on infrastructure in nearby Gulf-
countries. The conflict has effects on the global energy markets, on international value chains, and on
companies in the region that Aker Solutions have extensive collaboration with.
Aker Solutions maintains operational presence in the Middle East with ongoing projects in the United Arab
Emirates. Several construction projects are being executed in collaboration with a joint venture partner on a
subcontractors yard in Dubai. Aker Solutions is engaged in fabrication and construction activities, through
our legal entity Aker Solutions Energy Solutions FZE with seconded employees from Norway, UK, India and
Canada. The company had 76 employees including families stationed in the area. In response to the
escalating situation, Aker Solutions arranged for repatriation of 43 employees or people with close link to the
employees. Aker Solutions continues to have personnel in Dubai and is closely monitoring the situation and
its impact on people and ongoing activities. While operations at the DryDocks yard have resumed, Aker
Solutions is following current guidance to maintain home sheltering until further notice.
At this stage, the financial impact of these developments cannot be reliably estimated, given the
unpredictable and rapidly evolving nature of the conflict. Management continues to monitor the situation
closely and will implement mitigating actions as required.
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"period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:NOK" } }, "f-326": { "value": "11246000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXG42836", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-327": { "value": "Company InformationAker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. The company had about 11,800 own employees and operations in 13 countries at the end of 2025. The main office is in Fornebu, Norway and the parent company Aker Solutions ASA is listed on the Oslo Stock Exchange under the ticker AKSO. The consolidated financial statements in this report include the financial performance and position of the company and its subsidiaries collectively referred to as \u201cthe group\u201d or \u201cthe company\u201d and separately as group companies.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "Aker Solutions", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-330": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "Aker Solutions ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "Basis of Preparation
Statement of Compliance
The consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting
Standards as adopted by the EU, their interpretations
adopted by the International Accounting Standards
Board (IASB) and the additional requirements of the
Norwegian Accounting Act as of December 31, 2025.
The consolidated financial statements were
approved by the Board of Directors and the chief
executive officer (CEO) on March 18, 2026. The
consolidated financial statements will be
authorized at the Annual General Meeting on April
16, 2026. Until this date the Board of Directors has
the authority to amend the financial statements.
Basis of Measurement
The consolidated balance sheet has been
prepared on the historical cost basis except for
certain financial assets and liabilities as presented
in note 24 measured at fair value on each
reporting date. The consolidated financial
statements are presented in Norwegian Kroner
(NOK) and have been rounded to the nearest
million (NOK million), therefore the subtotals and
totals in some tables may not equal the sum of the
amounts shown.
Consolidation
The consolidated financial statements comprise
the parent company Aker Solutions ASA and its
subsidiaries. Intra-group balances and
transactions, and any unrealized gains and losses
or income and expenses arising from intra-group
transactions, are eliminated in the consolidated
financial statements.
Translation of Foreign Currency
Assets and liabilities of subsidiaries that have a
different functional currency are translated to NOK
using the exchange rate on the balance sheet
date. Income and expenses are translated using
the average exchange rate for the year, calculated
on the basis of 12 monthly rates. Foreign exchange
differences arising from these translations are
recognized in other comprehensive income, and
presented as a separate component in equity
(translation reserve). The translation differences
are reclassified to the income statement upon
disposal or liquidation of the related operations.
Exchange differences arising from non-current
monetary receivable or payable by a foreign
operation where settlement is neither planned nor
likely in the foreseeable future, forms part of the
net investment in that entity and are also
recognized in other comprehensive income.
Judgments and Estimates
The preparation of consolidated financial
statements in conformity with IFRS requires
management to make judgments, estimates and
assumptions each reporting period that affect the
income statement and balance sheet. The
accounting estimates will by definition seldom
precisely match actual results. The main areas
where judgments and estimates have been made
are described in each of the following notes:
\u25fc Note 9 Income Tax
\u25fc Note 10 Property, Plant and Equipment
\u25fc Note 11 Intangible Assets and Goodwill
\u25fc Note 12 Impairment of Assets
\u25fc Note 13 Trade and Other Receivables
\u25fc Note 17 Leases and Investment Property
\u25fc Note 18 Pension Obligations
\u25fc Note 19 Provisions and Contingent Liabilities
The main area where significant judgment has
been made is described in:
\u25fc Note 3 Revenue
Aker Solutions acknowledge that climate change
represents an element in the application of
methodologies and models used in estimates used
in valuations and measurement of certain
accounting items. This is further described in note:
\u25fc Note 12 Impairment of Assets
New or Changed Financial Reporting
Principles
Some amendments to standards and
interpretations have become effective in 2025.
These changes did not have a material impact on
the consolidated financial statements.
IFRS 18 Presentation and Disclosure in
Financial Statements
IFRS 18 was issued in 2024, effective for annual
reporting period beginning on or after January 1,
2027. The standard introduces a standardized
structure for the statement of profit or loss, with
new required subtotals, and enhanced guidance
for aggregating and disaggregating information in
financial statements. In addition, IFRS 18 requires
disclosures of management-defined performance
measures (MPMs).
Aker Solutions is currently assessing the impact of
IFRS 18 on the financial statements, in particular
the impact on the structure of the income
statement. The most significant change for Aker
Solutions is that net profit from equity accounted
investees will be excluded from operating profit
and included in profit from investing activities.
Additionally, the requirement of classifying foreign
exchange in the same category as the items that
give rise to the foreign exchange differences will
have limited impact, as foreign exchange related
to operations are already reported as part of the
operating result.
Aker Solutions has decided not to early adopt IFRS
18, but will ensure full compliance by the effective
date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "
Statement of Compliance
The consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting
Standards as adopted by the EU, their interpretations
adopted by the International Accounting Standards
Board (IASB) and the additional requirements of the
Norwegian Accounting Act as of December 31, 2025.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "
The consolidated financial statements were
approved by the Board of Directors and the chief
executive officer (CEO) on March 18, 2026. The
consolidated financial statements will be
authorized at the Annual General Meeting on April
16, 2026. Until this date the Board of Directors has
the authority to amend the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "
Consolidation
The consolidated financial statements comprise
the parent company Aker Solutions ASA and its
subsidiaries. Intra-group balances and
transactions, and any unrealized gains and losses
or income and expenses arising from intra-group
transactions, are eliminated in the consolidated
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-339": { "value": "
Translation of Foreign Currency
Assets and liabilities of subsidiaries that have a
different functional currency are translated to NOK
using the exchange rate on the balance sheet
date. Income and expenses are translated using
the average exchange rate for the year, calculated
on the basis of 12 monthly rates. Foreign exchange
differences arising from these translations are
recognized in other comprehensive income, and
presented as a separate component in equity
(translation reserve). The translation differences
are reclassified to the income statement upon
disposal or liquidation of the related operations.
Exchange differences arising from non-current
monetary receivable or payable by a foreign
operation where settlement is neither planned nor
likely in the foreseeable future, forms part of the
net investment in that entity and are also
recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-338": { "value": "
Translation of Foreign Currency
Assets and liabilities of subsidiaries that have a
different functional currency are translated to NOK
using the exchange rate on the balance sheet
date. Income and expenses are translated using
the average exchange rate for the year, calculated
on the basis of 12 monthly rates. Foreign exchange
differences arising from these translations are
recognized in other comprehensive income, and
presented as a separate component in equity
(translation reserve). The translation differences
are reclassified to the income statement upon
disposal or liquidation of the related operations.
Exchange differences arising from non-current
monetary receivable or payable by a foreign
operation where settlement is neither planned nor
likely in the foreseeable future, forms part of the
net investment in that entity and are also
recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-340": { "value": "
Judgments and Estimates
The preparation of consolidated financial
statements in conformity with IFRS requires
management to make judgments, estimates and
assumptions each reporting period that affect the
income statement and balance sheet. The
accounting estimates will by definition seldom
precisely match actual results. The main areas
where judgments and estimates have been made
are described in each of the following notes:
\u25fc Note 9 Income Tax
\u25fc Note 10 Property, Plant and Equipment
\u25fc Note 11 Intangible Assets and Goodwill
\u25fc Note 12 Impairment of Assets
\u25fc Note 13 Trade and Other Receivables
\u25fc Note 17 Leases and Investment Property
\u25fc Note 18 Pension Obligations
\u25fc Note 19 Provisions and Contingent Liabilities
The main area where significant judgment has
been made is described in:
\u25fc Note 3 Revenue
Aker Solutions acknowledge that climate change
represents an element in the application of
methodologies and models used in estimates used
in valuations and measurement of certain
accounting items. This is further described in note:
\u25fc Note 12 Impairment of Assets
Judgments and Estimates
It can be challenging to estimate the expected
revenue and cost in the company's customer
contracts, in particular if there are operational
challenges. The most significant judgments and
estimates in the customer contracts are described
below.
Performance Obligations
Significant management judgment is sometimes
required in order to identify distinct performance
obligations in customer contracts. This includes an
analysis of the customer contract to determine if
the goods or services are distinct deliveries or
input to an overall promise to deliver a combined
system of products and services. As most of the
contracts represent a single, combined output for
the customers, contracts will normally contain one
performance obligation.
Variable Consideration
Incentive payments are integral and significant
parts of contract revenue on certain reimbursable
contracts. They can also be present in lump sum
contracts. Incentive payments include key
performance indicators, bonuses, target sum
mechanisms and productivity measures and can
potentially both increase and decrease revenue.
Most incentives are estimated using the most likely
amount. Revenue from variable consideration is
included only when it is highly probable that the
revenue will not be reversed. There is a risk that
the actual payment of incentives may differ from
the estimated amount.
Liquidated Damages (LDs)
LDs are penalties for not achieving defined
milestones on time. LDs are common in
construction contracts, but can also be present in
service contracts. If a project does not meet the
defined milestone in a contract, a provision
reducing the transaction price is made unless it is
highly probable that LD will not be imposed. A
provision for liquidated damages is treated as a
variable consideration. The estimated LD provision
is highly judgmental. The assessment of the LD
provision is based on experience from similar LD
situations in addition to client relationship,
contractual position and status on negotiations.
Total Contract Cost
The estimates of total contract cost can be
judgmental and sensitive to changes. The cost
estimates can significantly impact revenue
recognition for contracts using cost progress,
particularly in lump sum construction contracts. The
forecasting of total project cost depends on the
ability to properly execute the engineering and
design phase, availability of skilled resources,
manufacturing capacity, productivity and quality
factors, performance of subcontractors and
sometimes also weather conditions. Experience,
systematic use of the project execution model and
focus on core competencies reduce, but do not
eliminate, the risk that cost estimates may change
significantly.
Agency Relationship
Certain customer contracts include sale of goods
or services where Aker Solutions is acting as an
agent on behalf of the customer. For each
performance obligation, the distinction between
agent and principal is assessed. The assessment
affect whether revenue is presented gross (as
principal) or net (as agent). The core criterion is
whether the company controls the specified goods
or services before they are transferred to the
customer.
Note 3 continues on next page
Judgments and Estimates
The group is subject to income taxes in numerous jurisdictions, and judgment may be involved when
determining the taxable amounts. Tax authorities in different jurisdictions may challenge calculation of taxes
payable from prior periods.
Management judgment is required when assessing valuation of unused losses, tax credits and other deferred
tax assets. The recoverability is assessed by estimating taxable profits in future years taking into
consideration also expected changes in temporary differences. The profits are compared to book value of
the tax assets. The estimate of future taxable profits is sensitive to future market development for the
projects and services of Aker Solutions. Forecasts are based on firm orders in the backlog and identified
prospects in addition to expected service revenue. Changes in the assumptions related to the expected
prospects and services can have a significant impact on the forecasted cash flows. Economic conditions may
change and lead to a different conclusion regarding recoverability, and such changes may affect future
reporting periods.
The Pillar Two legislation, also known as \u201cGlobal minimum tax\u201d or GloBE has been enacted in Norway and in
many of the jurisdictions where Aker Solutions operates. The legislation was effective from January 1, 2024
and Aker Solutions is required to comply.
Aker Solutions has conducted an assessment in accordance with Country-by-Country Reporting
requirements and the transitional safe harbor rules, which compromises of three different tests. This
assessment shows that several jurisdictions with limited activity will meet the \"de minimis test\u201d, which is the
first test excluding jurisdictions with low revenue and profits. Some jurisdictions that do not meet the \"de
minimis test\u201d are excluded through the second test as they report an effective tax rate exceeding the
transitional rate of 16 percent for the year 2025. One jurisdiction failed the first two tests, but passed the
third test (routine profits test). In 3 countries, a full calculation of top-up tax per the model rules will be
required. No top-up tax has been included in the tax expense for 2025.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation shall not
recognize or disclose information about deferred tax assets and deferred tax liabilities related to the Pillar
Two legislation, which Aker Solutions applies.
Note 9 continues on next page
Judgment and Estimates
Judgment is involved when determining the depreciation period and when assessing impairment or reversal
of impairment. Impairment is assessed for individual assets and for cash generating units. The impairment
testing involves judgmental assumptions about future market development, cash flows, determination of
weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.
Judgments and Estimates
The decision to capitalize a development program involves management judgment. There are strict internal
rules defining what qualifies for capitalization, and the documentation of the assessment is monitored
centrally. Management makes assessment of future market opportunities, ability to successfully achieve the
desired technological solution and the time and cost it takes to develop it. These factors may change over
time.
Judgment is involved when determining the amortization period and when assessing impairment or reversal
of impairment. Impairment indicators are assessed for individual development projects, other intangible
assets, and for cash generating units including goodwill. Impairment testing is performed when impairment
indicators have been identified. In addition, goodwill and capitalized development programs that have not
been completed are subject to an annual impairment test. The impairment testing involves judgmental
assumptions about future market development, cash flows, determination of weighted average cost of
capital (WACC), growth rate, and other assumptions that may change over time.
Judgments and Estimates
The impairment testing of assets is by nature highly judgmental as it includes estimates such as future
market development, cash flows, determination of CGUs and WACC, growth rate used for calculation of
terminal value and other assumptions that may change over time. In particular, future cash flows are
uncertain as they are impacted by market developments beyond Aker Solutions' control. The oil price
impacts for example the investment levels in CapEx and maintenance projects by the oil companies. Carbon
taxation impacts the investment levels of carbon capture and offshore wind investments. These external factors
in turn impact the markets in which Aker Solutions operates.
Climate-related Matters
The energy transition may curtail the expected useful lives of oil and gas related assets thereby accelerating
depreciation charges. The group\u2019s assets related to oil and gas are likely to be fully depreciated within the
next 10-15 years and projects related to oil and gas will be a part of Aker Solutions\u2019 business activities over
this period. Aker Solutions will be engaged in traditional oil and gas projects and will also be engaged in
projects relating to decarbonization solutions and services for existing platforms. Therefore, Aker Solutions
does not expect any changes to the useful lives of our property, plant, and equipment. Assessment of effect
on useful lives is not considered to be a significant accounting judgment or estimate. Aker Solutions note
that assessment of useful lives of future capital expenditure may be different, and local climate changes in
the future may affect useful lives of certain assets. While there are no identified immediate or short-term
impacts from climate change, Aker Solutions is aware of the ever-changing risks and opportunities to climate
change. We will regularly assess these risks against judgments and estimates made in preparation of the
financial statements.
Under all three climate scenarios (described in the \u201cClimate Change\u201d chapter under the Sustainability
Statement) the group expects an increase in the frequency and intensity of extreme weather events. This is
not expected to lead to any effects on useful economic life of property, plant and equipment per 2025.
The expected future cash flows used in impairment testing are affected by climate changes as the projects
Aker Solutions will be engaged in will change going forward. The projects Aker Solutions tender for are
based on the pipeline of future projects needed to fulfill the energy need in the market. This market has
changed during the last decade, and Aker Solutions renewables and transitional solutions represented 20
percent of the revenue in 2025, and we continue to see material projects within this market also in the
future. As the cash flows used in the impairment testing are based on current backlog together with
identified prospects, the climate changes have an impact on our impairment testing through the projects
included in the cash flows used for impairment testing.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Judgments and Estimates
Judgment is involved when determining the impairment losses on receivables and customer contract assets.
The impairment is based on individual assessments of each customer and default risk in the industry and the
country in which the customer operates in line with the expected credit loss method (ECL). The customers of
Aker Solutions are mainly large, international energy companies with low credit risk.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is assessed for
separable parts of leased buildings that have been or will be vacated in the near future. The impairment is
sensitive to changes in estimated future expected sublease income and sublease period. Further, judgment is
involved when determining whether sublease contracts are financial or operational, as well as when
determining lease term for contracts that have extension or termination options. Determination of the
discount rate also involves judgment.
Judgments and Estimates
The present value of the pension obligations depends on a number of factors determined on the basis of
actuarial assumptions. These assumptions include financial factors such as the discount rate, expected
salary growth, inflation and return on assets as well as demographic factors concerning mortality, employee
turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the
time the assessment is made. However, it is reasonably certain that such factors will change over long
periods for which pension calculations are made. Any changes in these assumptions will affect the calculated
pension obligations with immediate recognition in other comprehensive income.
Judgments and Estimates
The provisions are estimated based on a number of assumptions and are highly judgmental in nature. The
various provisions with assumptions and estimation uncertainties are discussed in the table to the right.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-341": { "value": "
New or Changed Financial Reporting
Principles
Some amendments to standards and
interpretations have become effective in 2025.
These changes did not have a material impact on
the consolidated financial statements.
IFRS 18 Presentation and Disclosure in
Financial Statements
IFRS 18 was issued in 2024, effective for annual
reporting period beginning on or after January 1,
2027. The standard introduces a standardized
structure for the statement of profit or loss, with
new required subtotals, and enhanced guidance
for aggregating and disaggregating information in
financial statements. In addition, IFRS 18 requires
disclosures of management-defined performance
measures (MPMs).
Aker Solutions is currently assessing the impact of
IFRS 18 on the financial statements, in particular
the impact on the structure of the income
statement. The most significant change for Aker
Solutions is that net profit from equity accounted
investees will be excluded from operating profit
and included in profit from investing activities.
Additionally, the requirement of classifying foreign
exchange in the same category as the items that
give rise to the foreign exchange differences will
have limited impact, as foreign exchange related
to operations are already reported as part of the
operating result.
Aker Solutions has decided not to early adopt IFRS
18, but will ensure full compliance by the effective
date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-342": { "value": "Revenue
The revenue in Aker Solutions consists of large
engineering, procurement and construction (EPC)
contracts within the renewables and oil and gas
energy sector. The company also has engineering
contracts and frame agreements for maintenance
of various energy installations. The compensation
format is both reimbursable and lump sum, and the
contracts often include various incentive
mechanisms. Project execution is a key
component of all deliveries.
Financial Reporting Principles
Customer contracts are assessed using the five-
step model. Only approved customer contracts
with a firm commitment are basis for revenue
recognition. Variation orders are included when
they have been approved, either verbally, in
writing or implied by customary business practice.
The deliveries in the contracts are reviewed to
identify distinct performance obligations. For the
vast majority of the identified performance
obligations, control has been assessed to be
transferred to the customer over time as the
performance obligation is satisfied. Revenue is
recognized over time using a cost based progress
method, or as time and materials are delivered to
the customer. The cost progress method is
commonly used on reimbursable - and lump sum
contracts when scope of work is firm. The time and
materials method is more commonly used for
reimbursable contracts with less firm scope. These
methods are used to best reflect the pattern of
transfer of control of goods and services to the
customer.
Variable considerations, such as incentive
payments, are included in revenue when they are
highly probable. Expected liquidated damages
(LDs) are recognized as a reduction of revenue
unless it is highly probable that LDs will not be
incurred. The transaction price of performance
obligations is adjusted for significant financing
components to reflect the time value of money. Profit
is not recognized until the outcome of the
performance obligations can be measured reliably,
usually at 20 percent progress. The full loss is
recognized immediately when identified on loss-
making contracts. The loss is determined based on
revenue less direct cost (i.e. labor, subcontractor and
material cost) and an allocation of overhead that
relate directly to the contract or activities required to
fulfil the contract. Customer financed assets required
to execute the projects are presented gross in the
financial statements.
Judgments and Estimates
It can be challenging to estimate the expected
revenue and cost in the company's customer
contracts, in particular if there are operational
challenges. The most significant judgments and
estimates in the customer contracts are described
below.
Performance Obligations
Significant management judgment is sometimes
required in order to identify distinct performance
obligations in customer contracts. This includes an
analysis of the customer contract to determine if
the goods or services are distinct deliveries or
input to an overall promise to deliver a combined
system of products and services. As most of the
contracts represent a single, combined output for
the customers, contracts will normally contain one
performance obligation.
Variable Consideration
Incentive payments are integral and significant
parts of contract revenue on certain reimbursable
contracts. They can also be present in lump sum
contracts. Incentive payments include key
performance indicators, bonuses, target sum
mechanisms and productivity measures and can
potentially both increase and decrease revenue.
Most incentives are estimated using the most likely
amount. Revenue from variable consideration is
included only when it is highly probable that the
revenue will not be reversed. There is a risk that
the actual payment of incentives may differ from
the estimated amount.
Liquidated Damages (LDs)
LDs are penalties for not achieving defined
milestones on time. LDs are common in
construction contracts, but can also be present in
service contracts. If a project does not meet the
defined milestone in a contract, a provision
reducing the transaction price is made unless it is
highly probable that LD will not be imposed. A
provision for liquidated damages is treated as a
variable consideration. The estimated LD provision
is highly judgmental. The assessment of the LD
provision is based on experience from similar LD
situations in addition to client relationship,
contractual position and status on negotiations.
Total Contract Cost
The estimates of total contract cost can be
judgmental and sensitive to changes. The cost
estimates can significantly impact revenue
recognition for contracts using cost progress,
particularly in lump sum construction contracts. The
forecasting of total project cost depends on the
ability to properly execute the engineering and
design phase, availability of skilled resources,
manufacturing capacity, productivity and quality
factors, performance of subcontractors and
sometimes also weather conditions. Experience,
systematic use of the project execution model and
focus on core competencies reduce, but do not
eliminate, the risk that cost estimates may change
significantly.
Agency Relationship
Certain customer contracts include sale of goods
or services where Aker Solutions is acting as an
agent on behalf of the customer. For each
performance obligation, the distinction between
agent and principal is assessed. The assessment
affect whether revenue is presented gross (as
principal) or net (as agent). The core criterion is
whether the company controls the specified goods
or services before they are transferred to the
customer.
Note 3 continues on next page
Note 3 Revenue cont.
Different Types of Customer Contracts
The revenue in Aker Solutions arise from various contracts for the engineering, procurement, construction,
modification and maintenance within the oil and gas and renewables energy sector.
Renewables and Field Development
Deliveries include facilities for carbon capture, offshore wind and traditional oil and gas installations, topside
modules, substructures, floating production units (FPSOs), decommissioning, hook-up services and marine
operations. Most contracts last between three to five years. The contracts include a combination of FEED,
engineering, procurement, construction and installation (EPCI) of equipment. Each contract is usually
assessed as one performance obligation as the deliveries are combined in one output. The contracts may be
reimbursable, lump sum, target cost or a combination. The contracts regularly include incentives for
achievement of key performance indicators (KPIs) or penalties for late delivery. Payment terms are normally
30-45 days according to predefined milestones or monthly billing.
In 2025, significant custom duties incurred on an import to the US for one project. The process of custom
clearance when importing goods into the US was assessed as a separate performance obligation, where Aker
Solutions was acting as an agent on behalf of the customer. The duties were paid on behalf of the customer
and the customer controlled the asset at the time of import. The reimbursement received from the customer
was offset against the related payments, Aker Solutions did not earn any profit on this arrangement.
The legacy lump sum portfolio of projects have been both operationally and commercially challenging.
Discussions with clients and subcontractors to solve commercial challenges are ongoing. Until the
discussions are concluded the level of uncertainty is higher than for other projects. It is expected that
discussions with clients and subcontractors will be concluded during 2026. Management has followed the
policy for variable consideration above, when estimating the transaction price. Ongoing discussions with
subcontractors are relevant for the estimated total contract cost. Estimated total consideration to the
relevant subcontractors is included in the total contract cost using the most likely amount.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Hugin A Platform
Aker BP
2022
2026
Hugin B Platform
Aker BP
2022
2026
Valhall PWP Platform
Aker BP
2022
2026
Fenris UI
Aker BP
2022
2026
Rosebank FPSO
Altera
2023
2026
Jackdaw WHP
Shell
2022
2026
Sunrise Wind HVDC
\u00d8rsted & Eversource
2021
2026
East Anglia 3 HVDC
ScottishPower
2022
2026
Northern Lights Phase 2, Carbon Storage
Equinor
2025
2028
Celsio Carbon Capture & Storage
Hafslund Celsio
2025
2029
Norfolk Vanguard West HVDC
RWE
2025
2027
Norfolk Vanguard East HVDC
RWE
2025
2028
Balwin 1 HVDC Substructure
Dragados
2025
2029
Balwin 2 HVDC Substructure
Dragados
2025
2030
Note 3 continues on next page
Note 3 Revenue cont.
Life Cycle
Deliveries include electrification, maintenance, modification and hook-up contracts for oil and gas
installations. The contracts are mainly reimbursable, but can also include lump sum elements. The majority of
the contracts have incentive mechanisms including bonuses, target sum mechanisms, key performance
indicators and productivity measures. Each contract or purchase order under a frame agreement (FA) is
usually assessed as a separate performance obligation. The contracts usually last from one to five years.
Payment terms are normally 30 days after time and materials are delivered.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Aker BP EMM / Modific. Alliance (FA)
Aker BP
2024
2026
Equinor H (FA)1
Equinor
2026
2030
V\u00e5r Energi M&M
V\u00e5r Energi
2024
2029
Brunei (FA)
Brunei Shell Petr.
2020
2027
ConocoPhillips M&M (FA)
ConocoPhillips
2025
2032
Shell Modification Contract (FA)
Shell
2017
2028
Draugen Electrification
OKEA
2023
2028
Troll West, electrification
Equinor
2021
2027
Hebron Brownfield EPCM
Exxon
2025
2030
Angola EPC Services
Azule Energy (BP/ENI)
2024
2026
Mongstad Waste-Water Upgrade
Equinor
2024
2026
Bestla tie-back to Brage
OKEA
2024
2027
Fram S\u00f8r tie-back to Troll C
Equinor
2025
2030
1) Awarded 1Q 2026.
Revenue by segment
The following table shows the revenue from customer contracts by segment. Revenue by country is shown in
note 4 Segments.
Amounts in NOK million
2025
2024
Renewables and Field Development
46,055
38,011
Life Cycle
14,979
13,188
Other
1,168
1,002
Total revenue from customer contracts
62,202
52,202
Timing of Revenue
The satisfaction of performance obligations in customer contracts vary from a few months to as long as five
years. The order backlog as of December\u00a031, 2025 was NOK 64.8 billion, compared to NOK 60.9 billion the
year before. The table below shows the expected timing of future revenue for ongoing and not yet started
performance obligations at year-end.
Amounts in NOK billion
2026
2027
2028
2029
and
later
Total
backlog
Backlog phasing of ongoing performance obligations
39.1
13.6
8.2
1.7
62.6
Backlog phasing of performance obligations not yet started
0.3
0.9
1.1
0.0
2.3
Total backlog
39.3
14.5
9.3
1.7
64.8
There has not been recognized any material revenue for performance obligations satisfied in prior years.
Note 3 continues on next page
Note 3 Revenue cont.
Contract Balances
The company has recognized the following assets and liabilities related to contracts with customers:
Amounts in NOK million
Note
December
31, 2025
December
31, 2024
Trade receivables
13
7,719
6,208
Customer contract assets
13
4,743
4,721
Customer contract liabilities
-5,943
-4,428
Customer contract assets relate to consideration for work completed, but not yet invoiced at the reporting
date. The contract assets are transferred to trade receivables when the right to payment become
unconditional and invoices are issued to the customers. Customer contract liabilities relate to advances from
customers for work not yet performed.
The change in contract assets and liabilities relates to the natural progression of the project portfolio, as well
as the current project mix. Of the amount of NOK -4,428 million recognized in contract liabilities at the end
of prior year, NOK 4,289 million has been recognized as revenue in 2025.
The bad debt provision included in trade receivables at December\u00a031, 2025 was NOK 17 million, compared to
NOK 161 million the year before. No impairment has been recognized on customer contract assets.
Net Income Equity Accounted Investees
The company has recognized the share of net income from investments accounted as equity accounted
investees. As the activities of the investees are closely related to Aker Solutions operating activities, the
share of net income is reported as part of revenue and other income.
Amounts in NOK million
Note
2025
2024
Share of net income SLB OneSubsea
749
789
Share of net income other equity accounted investees
7
1
Profit from equity accounted investees
26
757
790
Other Income
Other income includes revenue that is not derived from regular customer contracts such as leasing revenue.
Amounts in NOK million
Note
2025
2024
Revenue from operating leases
221
172
Other
22
37
Total other income
243
209
See note 4 for more information about revenue per segment and per country
See note 13 for more information about trade and other receivables
See note 17 for more information about leasing revenue
See note 20 for more information about trade and other payables
See note 26 for more information about equity accounted investees
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-343": { "value": "
Financial Reporting Principles
Customer contracts are assessed using the five-
step model. Only approved customer contracts
with a firm commitment are basis for revenue
recognition. Variation orders are included when
they have been approved, either verbally, in
writing or implied by customary business practice.
The deliveries in the contracts are reviewed to
identify distinct performance obligations. For the
vast majority of the identified performance
obligations, control has been assessed to be
transferred to the customer over time as the
performance obligation is satisfied. Revenue is
recognized over time using a cost based progress
method, or as time and materials are delivered to
the customer. The cost progress method is
commonly used on reimbursable - and lump sum
contracts when scope of work is firm. The time and
materials method is more commonly used for
reimbursable contracts with less firm scope. These
methods are used to best reflect the pattern of
transfer of control of goods and services to the
customer.
Variable considerations, such as incentive
payments, are included in revenue when they are
highly probable. Expected liquidated damages
(LDs) are recognized as a reduction of revenue
unless it is highly probable that LDs will not be
incurred. The transaction price of performance
obligations is adjusted for significant financing
components to reflect the time value of money. Profit
is not recognized until the outcome of the
performance obligations can be measured reliably,
usually at 20 percent progress. The full loss is
recognized immediately when identified on loss-
making contracts. The loss is determined based on
revenue less direct cost (i.e. labor, subcontractor and
material cost) and an allocation of overhead that
relate directly to the contract or activities required to
fulfil the contract. Customer financed assets required
to execute the projects are presented gross in the
financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-344": { "value": "
Other Income
Other income includes revenue that is not derived from regular customer contracts such as leasing revenue.
Amounts in NOK million
Note
2025
2024
Revenue from operating leases
221
172
Other
22
37
Total other income
243
209
See note 4 for more information about revenue per segment and per country
See note 13 for more information about trade and other receivables
See note 17 for more information about leasing revenue
See note 20 for more information about trade and other payables
See note 26 for more information about equity accounted investees
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-345": { "value": "Segments
Aker Solutions is a global provider of equipment, systems and services to the renewable and oil and gas energy sector. Aker Solutions has two reporting segments.
Renewables and Field Development
The Renewables and Field Development segment designs and delivers integrated solutions for oil and gas
platforms, onshore facilities, offshore wind developments and carbon capture and storage facilities. The
objective of the segment is to add value by improving efficiency and reducing carbon footprint in oil and gas
deliveries. Furthermore accelerating the transition to renewables and become a key supplier to renewables
and carbon capture solutions by building execution and collaboration through a digital value chain.
The Renewables and Field Development reporting segment includes two operating segments in Aker
Solutions that are organized separately and provide individual management reporting to the CEO. The
following two operating segments are included: (1) New Build and (2) New Energies. The operating segments
have been aggregated in the external reporting as they share resources and production capacity, and
engineering is often an integrated scope of the customer contracts in both operating segments. The
operating segments have similar commercial risks, they operate in the same economic climate and markets,
and have similar customers. They also have similar operational characteristics and use the same type of KPI's
to monitor the business.
Life Cycle
The Life Cycle segment provides optimized field life solutions driven by decarbonization and environmentally
sound offerings both for offshore and onshore facilities. The segment provides a full-range offering of
maintenance and modification services including electrification projects, digitally enabled asset integrity
services, hook-up and installation services as well as late-life and decommissioning activities. The segment
has a global presence across regions with main execution in Norway, UK, Canada, Brunei and Angola.
Other
The Other segment includes unallocated corporate costs, Aker Solutions Hydropower, Benestad businesses and
the group effect of hedges not qualifying for hedge accounting. The Other segment also includes impairments of
right-of-use lease assets for certain leases, as certain lease decisions are taken by the corporate center. The
number of employees in corporate functions and finance support functions are reported in the Other segment
while the related cost is allocated to the segments.
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2025
Amounts in NOK million
Notes
Renewables and
Field Development
Life Cycle
Total reporting
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
46,055
14,979
61,034
1,168
0
62,202
Net profit equity accounted investees
0
0
0
756
0
757
Other income
-3
0
-3
246
0
243
External revenue
46,052
14,979
61,032
2,170
0
63,202
Inter-segment revenue
53
28
80
12
-92
0
Total revenue
46,105
15,007
61,112
2,182
-92
63,202
Material, goods and services
-31,271
-8,418
-39,689
-339
92
-39,936
Personnel and other operating expenses
-11,320
-5,518
-16,838
-1,401
0
-18,239
Operating income before depreciation, amortization and impairment
3,514
1,071
4,585
442
0
5,027
Depreciation and amortization
10, 11, 17
-1,065
-140
-1,205
-247
0
-1,452
Impairment
10, 11, 12, 17
-2
0
-2
-8
0
-10
Operating income
2,447
931
3,378
187
0
3,565
Assets and Liabilities
Property, plant and equipment
3,060
44
3,104
522
0
3,626
Intangible assets
1,626
1,325
2,951
486
0
3,438
Right-of-use assets
491
47
538
1,503
0
2,041
Current operating assets
10,960
3,322
14,281
1,486
-13
15,754
Operating assets
16,136
4,739
20,875
3,997
-13
24,859
Current operating assets
10,960
3,322
14,281
1,486
-13
15,754
Current operating liabilities
16,003
3,142
19,145
3,125
-13
22,257
Net current operating assets
-5,043
180
-4,864
-1,639
0
-6,503
Cash flow
Cash flow from operating activities
2,284
1,189
3,473
-859
0
2,614
Acquisition of property, plant and equipment
-297
-22
-319
-114
0
-433
Capitalized development
-22
-26
-47
-17
0
-65
Other key figures
Order intake
48,966
15,756
64,722
1,752
-39
66,435
Order backlog
40,146
23,009
63,154
1,755
-95
64,815
Own employees
6,472
4,111
10,583
1,235
0
11,818
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2024
Amounts in NOK million
Notes
Renewables and
Field Development
Life Cycle
Total reporting
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
38,011
13,188
51,199
1,002
0
52,202
Net profit equity accounted investees
0
0
0
790
0
790
Other income
21
8
29
180
0
209
External revenue
38,032
13,196
51,228
1,972
0
53,201
Inter-segment revenue
58
52
110
2
-113
0
Total revenue
38,090
13,249
51,339
1,975
-113
53,201
Material, goods and services
-25,841
-6,660
-32,501
-71
113
-32,459
Personnel and other operating expenses
-9,152
-5,669
-14,822
-1,352
0
-16,173
Operating income before depreciation, amortization and impairment
3,097
920
4,016
552
0
4,568
Depreciation and amortization
10, 11, 17
-782
-137
-920
-239
0
-1,158
Impairment
10, 11, 12, 17
-2
0
-2
-20
0
-22
Operating income
2,312
782
3,095
293
0
3,388
Assets and Liabilities
Property, plant and equipment
3,515
46
3,561
492
0
4,053
Intangible assets
1,623
1,304
2,927
560
0
3,487
Right-of-use assets
465
58
523
1,284
0
1,807
Current operating assets
7,794
3,496
11,289
1,318
-36
12,572
Operating assets
13,396
4,904
18,301
3,654
-36
21,919
Current operating assets
7,794
3,496
11,289
1,318
-36
12,572
Current operating liabilities
13,829
3,054
16,883
3,574
-36
20,421
Net current operating assets
-6,035
442
-5,593
-2,255
0
-7,848
Cash flow
Cash flow from operating activities
3,052
739
3,791
-684
0
3,107
Acquisition of property, plant and equipment
-1,287
-22
-1,309
-87
0
-1,396
Capitalized development
-22
0
-22
-29
0
-51
Other key figures
Order intake
24,011
14,951
38,962
1,288
-165
40,085
Order backlog
37,508
22,454
59,961
988
-65
60,885
Own employees
6,449
4,134
10,583
1,194
0
11,777
Note 4 continues on next page
Note 4 Segments cont.
Reconciliation of Information on Reporting Segments to IFRS Measures
Amounts in NOK million
2025
2024
Assets
Total operating assets
24,859
21,919
Deferred tax assets
174
225
Lease receivables
206
445
Equity accounted investees
7,007
7,870
Investments in companies
12
16
Derivative financial instruments
33
105
Current interest-bearing receivables
73
142
Financial investments
1,953
2,197
Non-current interest-bearing receivables
200
193
Other non-current assets
122
187
Cash and cash equivalents
3,715
2,860
Total assets
38,351
36,157
Liabilities
Total operating liabilities
22,257
20,421
Non-current lease liabilities
2,520
2,637
Pension obligations
842
945
Deferred tax liabilities
815
304
Current lease liabilities
615
708
Derivative financial instruments
56
17
Total liabilities
27,105
25,031
Major Customer
The reporting segments delivered to two major customers; one large Norwegian oil company which
represented 56 percent of total revenue in 2025 (2024: 43.8 percent) and one large international oil
company which represented 11.2 percent of total revenue in 2025 (2024: 23 percent). Aker Solutions has
long-term contracts with these customers.
Geographical Information
External revenue is presented on the basis of geographical location of the selling company. Non-current
assets and capital expenditures are based on the geographical location of the company owning the assets.
Revenue from
customer contracts
Non-current
operating assets
Capital expenditure
PPE
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Norway
57,167
47,830
8,258
8,429
415
1,381
Canada
1,561
1,326
53
59
3
5
USA
1,533
1,088
4
11
0
0
Brunei
759
858
2
8
1
2
UK
769
624
600
590
6
0
Malaysia
79
118
10
36
0
0
Angola
96
169
1
1
0
1
India
150
108
167
202
7
5
Other countries
89
82
11
10
0
3
Total
62,202
52,202
9,105
9,347
433
1,396
See note 3 for more information about revenue
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-346": { "value": "
Note 5 Personnel Expenses
Personnel Expenses
Amounts in NOK million
2025
2024
Salaries and wages including holiday allowance
10,254
9,616
Social security contribution
1,374
1,351
Pension cost
916
867
Other employee benefits
558
269
Personnel expenses
13,102
12,103
Total number of employees as of December 31
11,818
11,777
Average number of employees
11,879
11,553
Employee Share Purchase Program
In 2025, 2,450 employees participated in the share purchase programs in Aker Solutions. Employees
received a 25 percent reduction of cost price limited to a total of NOK 7,500. Employees could sign up for
shares up to a maximum amount of NOK 60,000 and management an additional amount of maximum 20
percent of annual salary. Employees participating in one of the share purchase programs may, given certain
criteria, be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in
December 2024 employees received one bonus share, instead of the original 0.5, for every share purchased
in the programs for 2021 until the extraordinary dividend payment in 2024. Costs related to the bonus shares
are expensed over the vesting period. Aker Solutions expensed a total of NOK 17 million excluding social
security contribution in 2025 related to share purchase programs (NOK 11 million in 2024). There were no
loans to employees or members of the Board of Directors as of December 31, 2025, same as in the previous
year.
See note 18 for more information about the pension cost and obligations
See note 27 for more information about compensation to key management
Defined Benefit Plans
The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded and
unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in Norway closed
the defined benefit plans in 2008. Employees who were 58 years or older in 2008 are still members of the
closed defined benefit plan. This is a funded plan and represents the funded pension liability reported in the
tables below. Aker Solutions also has various unfunded early retirement plans and executive pension plans
that are partially closed for new members. The estimated premium cost expected to be paid during 2026 is
NOK 70 million. The liability is calculated using a projected unit credit method.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Compensation Plans
All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition to the
defined contribution plan were offered compensation. The compensation amount will be adjusted annually in
accordance with the adjustment of the employees' pensionable income, and accrued interest according to
market interest. If the employee leaves the company voluntarily before the age of 67 years, the accrued
compensation amount will be paid out. The compensation plan is an unfunded plan, and is included in the
unfunded pension liability reported in the tables below. The liability is equal to the compensation balance.
Tariff Based Pension Agreement (AFP)
Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the main labor
unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information required
to estimate the pension obligation from this defined benefit plan is not available from the plan administrator.
Aker Solutions therefore currently accounts for the plan as if it was a defined contribution plan. The annual
contributions expensed in 2025 were NOK 187 million, compared to NOK 126 million in 2024. The estimated
contribution expected to be paid in 2026 is NOK 179 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-348": { "value": "Personnel Expenses
Personnel Expenses
Amounts in NOK million
2025
2024
Salaries and wages including holiday allowance
10,254
9,616
Social security contribution
1,374
1,351
Pension cost
916
867
Other employee benefits
558
269
Personnel expenses
13,102
12,103
Total number of employees as of December 31
11,818
11,777
Average number of employees
11,879
11,553
Employee Share Purchase Program
In 2025, 2,450 employees participated in the share purchase programs in Aker Solutions. Employees
received a 25 percent reduction of cost price limited to a total of NOK 7,500. Employees could sign up for
shares up to a maximum amount of NOK 60,000 and management an additional amount of maximum 20
percent of annual salary. Employees participating in one of the share purchase programs may, given certain
criteria, be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in
December 2024 employees received one bonus share, instead of the original 0.5, for every share purchased
in the programs for 2021 until the extraordinary dividend payment in 2024. Costs related to the bonus shares
are expensed over the vesting period. Aker Solutions expensed a total of NOK 17 million excluding social
security contribution in 2025 related to share purchase programs (NOK 11 million in 2024). There were no
loans to employees or members of the Board of Directors as of December 31, 2025, same as in the previous
year.
See note 18 for more information about the pension cost and obligations
See note 27 for more information about compensation to key management
Pension Obligations
Aker Solutions operates several pension plans around the world. The most common type of plan is the
defined contribution plan, where Aker Solutions makes contributions to the employee's individual pension
account. Aker Solutions also has a closed defined benefit plan where the impact is gradually reduced.
Pension Plans
Defined Contribution Plans
A defined contribution plan is a type of retirement plan where the employer makes contributions on a regular
basis to the employee\u2019s individual pension account. The benefits received by the employee are based on the
employer contributions and gains or losses from investing the capital. Contributions to defined contribution
pension plans are recognized as an expense in the income statement as incurred.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on
retirement based on a percentage of the salary upon retirement and the employee's earnings history, years
of service and age. The calculation of defined benefit obligations is performed annually by a qualified actuary
using the projected unit credit method.
The defined benefit obligation is calculated separately for each plan by discounting the estimated amount of
future benefit that employees have earned in the current and prior periods and deducting the fair value of
any plan assets. The change of the defined benefit obligation as a result of the change of assumptions
(actuarial gains and losses) and the return on plan assets are recognized immediately in other comprehensive
income. Net interest expense and other expenses related to defined benefit plans are recognized in the
income statement. When the benefits of a plan are changed, settled or when a plan is curtailed, the change
relating to past service or the gain or loss on curtailment or settlement is recognized immediately in the
income statement.
Judgments and Estimates
The present value of the pension obligations depends on a number of factors determined on the basis of
actuarial assumptions. These assumptions include financial factors such as the discount rate, expected
salary growth, inflation and return on assets as well as demographic factors concerning mortality, employee
turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the
time the assessment is made. However, it is reasonably certain that such factors will change over long
periods for which pension calculations are made. Any changes in these assumptions will affect the calculated
pension obligations with immediate recognition in other comprehensive income.
Pension Plans in Norway
The main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing a
basic pension entitlement to all taxpayers. The additional pension plans which all Norwegian employers are obliged
to provide according to current legislation, represent limited additional pension entitlements. The occupational
plans in Aker Solutions in Norway are described below.
Defined Contribution Plans
All employees in Norway are offered participation in a defined contribution plan. The annual contributions,
premium and administration cost expensed for the Norwegian plans in 2025 were NOK 494 million,
compared to NOK 454 million in 2024. The estimated contribution, premium and administration cost
expected to be paid in 2026 is NOK 562 million.
Defined Benefit Plans
The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded and
unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in Norway closed
the defined benefit plans in 2008. Employees who were 58 years or older in 2008 are still members of the
closed defined benefit plan. This is a funded plan and represents the funded pension liability reported in the
tables below. Aker Solutions also has various unfunded early retirement plans and executive pension plans
that are partially closed for new members. The estimated premium cost expected to be paid during 2026 is
NOK 70 million. The liability is calculated using a projected unit credit method.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Compensation Plans
All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition to the
defined contribution plan were offered compensation. The compensation amount will be adjusted annually in
accordance with the adjustment of the employees' pensionable income, and accrued interest according to
market interest. If the employee leaves the company voluntarily before the age of 67 years, the accrued
compensation amount will be paid out. The compensation plan is an unfunded plan, and is included in the
unfunded pension liability reported in the tables below. The liability is equal to the compensation balance.
Tariff Based Pension Agreement (AFP)
Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the main labor
unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information required
to estimate the pension obligation from this defined benefit plan is not available from the plan administrator.
Aker Solutions therefore currently accounts for the plan as if it was a defined contribution plan. The annual
contributions expensed in 2025 were NOK 187 million, compared to NOK 126 million in 2024. The estimated
contribution expected to be paid in 2026 is NOK 179 million.
Pension Plans Outside Norway
Pension plans outside Norway are mainly defined contribution plans. The annual contributions expensed for
plans outside Norway in 2025 were NOK 114 million, compared to NOK 120 million in 2024. The estimated
contributions expected to be paid in 2026 is NOK 107 million to the plans outside Norway.
Total Pension Cost
Amounts in NOK million
2025
2024
Defined benefit plans
58
96
Defined contribution plans
897
808
Total
955
904
Note 18 continues on next page
Note 18 Pension Obligations cont.
Movement in Net Defined Benefit Liability
The table below shows the movement from the opening balance to the closing balance for the net defined benefit liability. Present value obligations include NOK 78 million in pension obligations related to the disposed subsea
business.
Present value of obligation
Fair value of plan assets
Impact of asset ceiling
Net defined benefit liability
Amounts in NOK million
2025
2024
2025
2024
2025
2024
2025
2024
Balance as of January 1
1,916
2,035
-971
-1,057
0
0
945
978
Current service and administration cost
15
55
4
4
0
0
19
59
Interest cost (income)
71
68
-31
-31
0
0
39
37
Included in income statement
86
123
-27
-28
0
0
58
96
Actuarial loss (gain) arising from financial assumptions
1
-11
0
0
0
0
1
-11
Return on plan assets
0
0
-74
65
0
0
-74
65
Actuarial loss (gain) arising from experience adjustments
5
-27
0
0
0
0
5
-27
Changes in asset ceiling
0
0
0
0
85
0
85
0
Remeasurements loss (gain) included in OCI
6
-37
-74
65
85
0
18
28
Contributions paid into the plan
0
0
-73
-77
0
0
-73
-77
Benefits paid by the plan
-199
-205
121
124
0
0
-78
-81
Other events due to effect of any business combinations/divestitures/transfers 1
-27
0
0
0
0
0
-27
0
Other
-226
-205
48
48
0
0
-178
-157
Balance as of December 31
1,782
1,916
-1,025
-971
85
0
842
945
1)In 2025, pension obligations from prior years of NOK 27 million related to gratitude pensions have been reclassified to restructuring provision and included in Note 19 Provisions and Contingent Liabilities.
Note 18 continues on next page
Note 18 Pension Obligations cont.
The net liability disclosed above relates to funded and unfunded plans as follows:
Present value of
obligation
Fair value of plan
assets
Net defined
benefit liability
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Net defined benefit liability funded plan
939
971
-1,025
-971
0
0
Net defined benefit liability unfunded plans
842
945
0
0
842
945
Balance as of December 31
1,782
1,916
-1,025
-971
842
945
Assets in the Defined Benefit Plan
Amounts in NOK million
2025
2024
Bonds
283
299
Income and equity funds
741
672
Total plan assets at fair value
1,025
971
The majority of the bond investment is in Norwegian municipalities and is assumed to have a rating equal to
AA, but there are few official ratings for these investments. The remaining bond investment is primarily in the
Norwegian market within bonds assumed to be of \u201cInvestment Grade\u201d quality. The majority of these
investments do not, however, have an official rating. The fund investments consist of fixed income funds and
equity funds with listed securities where the value is based on quoted prices. The equity securities are
invested globally, and the value is based on quoted price at the reporting date without any deduction for
estimated future selling cost.
Actuarial Assumptions
The information below relates only to Norwegian plans as these represent the majority of the plans. The
following were the principal actuarial assumptions at the reporting date:
2025
2024
Discount rate
4.00%
3.30%
Asset return
4.00%
3.30%
Salary progression
4.00%
3.50%
Pension indexation funded plans1
0-4 %
0-4 %
Mortality table
K2013
K2013
Remaining life expectancy at age 65 for pensioners, males
22.9
22.8
Remaining life expectancy at age 65 for pensioners, females
26.6
26.1
1) Pension indexation for unfunded plans is agreed individually (0-4 percent).
The discount rate is based on high-quality corporate bonds (OMF) with maturities consistent with the terms
of the obligations. The assumptions used are in line with recommendations from the Norwegian Accounting
Standards Board.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Sensitivity Analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have changed the defined benefit obligation as of December 31 by the amounts shown
below.
2025
2024
Discount rate increase by 1 percent
-72
-83
Discount rate decrease by 1 percent
82
103
Expected rate of salary increase by 1 percent
0
0
Expected rate of salary decrease by 1 percent
0
0
Expected rate of pension increase by 1 percent
76
96
Expected rate of pension decrease by 1 percent
-67
-78
For Aker Solutions, a one percent increase of discount rate decreases the benefit obligation by only 7
percent. This is because the benefit obligation in Aker Solutions consists mainly of pensioners and
employees over 60 years of age, hence limiting the discounting effect.
See note 5 for more information about personnel expenses
\"NOTE18.jpg\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-347": { "value": "Personnel Expenses
Personnel Expenses
Amounts in NOK million
2025
2024
Salaries and wages including holiday allowance
10,254
9,616
Social security contribution
1,374
1,351
Pension cost
916
867
Other employee benefits
558
269
Personnel expenses
13,102
12,103
Total number of employees as of December 31
11,818
11,777
Average number of employees
11,879
11,553
Employee Share Purchase Program
In 2025, 2,450 employees participated in the share purchase programs in Aker Solutions. Employees
received a 25 percent reduction of cost price limited to a total of NOK 7,500. Employees could sign up for
shares up to a maximum amount of NOK 60,000 and management an additional amount of maximum 20
percent of annual salary. Employees participating in one of the share purchase programs may, given certain
criteria, be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in
December 2024 employees received one bonus share, instead of the original 0.5, for every share purchased
in the programs for 2021 until the extraordinary dividend payment in 2024. Costs related to the bonus shares
are expensed over the vesting period. Aker Solutions expensed a total of NOK 17 million excluding social
security contribution in 2025 related to share purchase programs (NOK 11 million in 2024). There were no
loans to employees or members of the Board of Directors as of December 31, 2025, same as in the previous
year.
See note 18 for more information about the pension cost and obligations
See note 27 for more information about compensation to key management
Note 6 Other Operating Expenses
Amounts in NOK million
2025
2024
Rental of equipment, IT systems and support
1,807
1,556
Operating and maintenance expenses for
property
1,092
1,039
External consultants including audit fees
662
549
Travel expenses
773
530
Insurance
201
186
Other expenses
601
210
Other operating expenses
5,136
4,070
See note 17 for more information about leasing costs
See note 28 for more information about audit fees
Note 28 Audit Fees
PwC is the auditor of the group. The table below presents expenses for audit and other services to the
auditor.
Aker Solutions
ASA
Subsidiaries
Total
Amounts in NOK million (excl. VAT)
2025
2024
2025
2024
2025
2024
Audit
3.8
3.8
9.1
9.7
12.9
13.5
Other assurance services
4.1
1.6
0.8
1.3
4.9
2.9
Tax services
0.0
0.0
0.4
0.4
0.4
0.4
Other non-audit services
0.0
1.2
7.8
6.5
7.8
7.7
Total
7.9
6.6
18.1
17.9
26.0
24.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-349": { "value": "Other Operating Expenses
Amounts in NOK million
2025
2024
Rental of equipment, IT systems and support
1,807
1,556
Operating and maintenance expenses for
property
1,092
1,039
External consultants including audit fees
662
549
Travel expenses
773
530
Insurance
201
186
Other expenses
601
210
Other operating expenses
5,136
4,070
See note 17 for more information about leasing costs
See note 28 for more information about audit fees", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-350": { "value": "Financial Income and Expenses
Financial Reporting Principles
Interest income and expenses include effects from using the effective interest rate method where fees,
interest paid, transaction costs and other premiums are deferred and amortized over the life of the
instrument.
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not
hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating
activities such as trade receivables and payables are included in operating expenses before depreciation,
amortization and impairment. However, the currency gains and losses are offset by the effects from hedging
derivatives. Translation of operational monetary assets and liabilities in countries with hyperinflationary or
non-convertible currencies are presented as financial items. Translation of assets and liabilities related to
general financing of the entity are included as financial income and expenses. Foreign exchange gains and
losses also include effects from translating monetary assets and liabilities denominated in foreign currencies
at the balance sheet date. The profit or loss on foreign exchange forward contracts include effects from
derivatives that do not qualify for hedge accounting, embedded derivatives and the ineffective portion of
qualifying hedges.
Financial Income and Expenses
Amounts in NOK million
Notes
2025
2024
Interest income from lease receivables
15
26
Other interest income
153
371
Interest income
168
397
Interest expense on lease liability
-157
-156
Interest expense on financial liabilities measured at amortized cost
-56
-59
Interest expense on financial liabilities measured at fair value
-39
-37
Interest expense
-252
-252
Net foreign exchange gain (loss)
-87
-40
Profit (loss) on foreign currency forward contracts
8
0
Loss on marketable shares1
-245
-487
Other financial income
90
355
Other financial expenses
-45
-12
Net other financial items
-279
-184
Net finance cost
-363
-39
1)Unrealized loss on shares in SLB.
See note 14 for more information about financial investments
See note 17 for more information about lease receivables and liabilities
See note 18 for more information about pension obligations
See note 23 for more information about foreign exchange and hedging
See note 24 for more information about financial assets and liabilities
See note 26 for more information about investments in companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-351": { "value": "
Financial Reporting Principles
Interest income and expenses include effects from using the effective interest rate method where fees,
interest paid, transaction costs and other premiums are deferred and amortized over the life of the
instrument.
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not
hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating
activities such as trade receivables and payables are included in operating expenses before depreciation,
amortization and impairment. However, the currency gains and losses are offset by the effects from hedging
derivatives. Translation of operational monetary assets and liabilities in countries with hyperinflationary or
non-convertible currencies are presented as financial items. Translation of assets and liabilities related to
general financing of the entity are included as financial income and expenses. Foreign exchange gains and
losses also include effects from translating monetary assets and liabilities denominated in foreign currencies
at the balance sheet date. The profit or loss on foreign exchange forward contracts include effects from
derivatives that do not qualify for hedge accounting, embedded derivatives and the ineffective portion of
qualifying hedges.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "
Amounts in NOK million
Notes
2025
2024
Interest income from lease receivables
15
26
Other interest income
153
371
Interest income
168
397
Interest expense on lease liability
-157
-156
Interest expense on financial liabilities measured at amortized cost
-56
-59
Interest expense on financial liabilities measured at fair value
-39
-37
Interest expense
-252
-252
Net foreign exchange gain (loss)
-87
-40
Profit (loss) on foreign currency forward contracts
8
0
Loss on marketable shares1
-245
-487
Other financial income
90
355
Other financial expenses
-45
-12
Net other financial items
-279
-184
Net finance cost
-363
-39
1)Unrealized loss on shares in SLB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "
Amounts in NOK million
Notes
2025
2024
Interest income from lease receivables
15
26
Other interest income
153
371
Interest income
168
397
Interest expense on lease liability
-157
-156
Interest expense on financial liabilities measured at amortized cost
-56
-59
Interest expense on financial liabilities measured at fair value
-39
-37
Interest expense
-252
-252
Net foreign exchange gain (loss)
-87
-40
Profit (loss) on foreign currency forward contracts
8
0
Loss on marketable shares1
-245
-487
Other financial income
90
355
Other financial expenses
-45
-12
Net other financial items
-279
-184
Net finance cost
-363
-39
1)Unrealized loss on shares in SLB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "Earnings per Share and Dividends
Earnings per Share (EPS)
2025
2024
Income attributable to ordinary shares (NOK million)
2,547
2,656
Weighted average number of issued ordinary shares for the year adjusted for
treasury shares
482,225,016
481,905,159
Basic and diluted earnings per share (NOK)
5.28
5.51
Employees participating in one of Aker Solutions\u2019 employee share purchase programs may, given certain
criteria, be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in
December 2024 employees received one bonus share, instead of the original 0.5, for every share purchased
in the programs for 2021 until the extraordinary dividend payment in 2024. As of December 31, 2025 the
total amount of future potential bonus shares for all historical programs are 6,136,917 shares. The bonus
shares do not represent a material dilutive effect and diluted earnings per share has not been adjusted.
Dividends
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time. Given the
company\u2019s solid financial position and positive outlook, the Board has proposed a dividend per share of NOK
3.60 for 2025 to be paid in 2026. The proposed dividend amounts to NOK 1,743 million based on
outstanding shares as of December 31, 2025. In addition, the board has proposed an extraordinary dividend
of NOK 5.0 per share related to the settlement of SLB shares finalized in February 2026 (see Note 29 for
further details).
Aker Solutions had a liquidity buffer of NOK 8.7 billion as of December 31, 2025 compared to NOK 5.9 billion
as of December 31, 2024.
In 2025, Aker Solutions distributed ordinary dividend to its shareholders of NOK 3.30 per share amounting to
a total of NOK 1,591 million.
See note 5 for more information about the employee share purchase program
See note 16 for more information about share capital and treasury shares
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "Earnings per Share and Dividends
Earnings per Share (EPS)
2025
2024
Income attributable to ordinary shares (NOK million)
2,547
2,656
Weighted average number of issued ordinary shares for the year adjusted for
treasury shares
482,225,016
481,905,159
Basic and diluted earnings per share (NOK)
5.28
5.51
Employees participating in one of Aker Solutions\u2019 employee share purchase programs may, given certain
criteria, be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in
December 2024 employees received one bonus share, instead of the original 0.5, for every share purchased
in the programs for 2021 until the extraordinary dividend payment in 2024. As of December 31, 2025 the
total amount of future potential bonus shares for all historical programs are 6,136,917 shares. The bonus
shares do not represent a material dilutive effect and diluted earnings per share has not been adjusted.
Dividends
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time. Given the
company\u2019s solid financial position and positive outlook, the Board has proposed a dividend per share of NOK
3.60 for 2025 to be paid in 2026. The proposed dividend amounts to NOK 1,743 million based on
outstanding shares as of December 31, 2025. In addition, the board has proposed an extraordinary dividend
of NOK 5.0 per share related to the settlement of SLB shares finalized in February 2026 (see Note 29 for
further details).
Aker Solutions had a liquidity buffer of NOK 8.7 billion as of December 31, 2025 compared to NOK 5.9 billion
as of December 31, 2024.
In 2025, Aker Solutions distributed ordinary dividend to its shareholders of NOK 3.30 per share amounting to
a total of NOK 1,591 million.
See note 5 for more information about the employee share purchase program
See note 16 for more information about share capital and treasury shares
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "3.60", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-357": { "value": "1743000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-358": { "value": "Income Tax
Judgments and Estimates
The group is subject to income taxes in numerous jurisdictions, and judgment may be involved when
determining the taxable amounts. Tax authorities in different jurisdictions may challenge calculation of taxes
payable from prior periods.
Management judgment is required when assessing valuation of unused losses, tax credits and other deferred
tax assets. The recoverability is assessed by estimating taxable profits in future years taking into
consideration also expected changes in temporary differences. The profits are compared to book value of
the tax assets. The estimate of future taxable profits is sensitive to future market development for the
projects and services of Aker Solutions. Forecasts are based on firm orders in the backlog and identified
prospects in addition to expected service revenue. Changes in the assumptions related to the expected
prospects and services can have a significant impact on the forecasted cash flows. Economic conditions may
change and lead to a different conclusion regarding recoverability, and such changes may affect future
reporting periods.
The Pillar Two legislation, also known as \u201cGlobal minimum tax\u201d or GloBE has been enacted in Norway and in
many of the jurisdictions where Aker Solutions operates. The legislation was effective from January 1, 2024
and Aker Solutions is required to comply.
Aker Solutions has conducted an assessment in accordance with Country-by-Country Reporting
requirements and the transitional safe harbor rules, which compromises of three different tests. This
assessment shows that several jurisdictions with limited activity will meet the \"de minimis test\u201d, which is the
first test excluding jurisdictions with low revenue and profits. Some jurisdictions that do not meet the \"de
minimis test\u201d are excluded through the second test as they report an effective tax rate exceeding the
transitional rate of 16 percent for the year 2025. One jurisdiction failed the first two tests, but passed the
third test (routine profits test). In 3 countries, a full calculation of top-up tax per the model rules will be
required. No top-up tax has been included in the tax expense for 2025.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation shall not
recognize or disclose information about deferred tax assets and deferred tax liabilities related to the Pillar
Two legislation, which Aker Solutions applies.
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future taxable profits
will be available to utilize the tax losses and credits. The forecasted future taxable profits are based on firm
orders in the backlog and identified prospects in addition to expected service revenue. The forecasted
taxable profits reflect organic growth only. Other parameters in the assessment are the predicted long-term
investment level by companies in the renewable and oil and gas energy sector, mix of projects and services
and level of operating expenses.
Income Tax Expense
Amounts in NOK million
2025
2024
Current income tax
Current year
122
184
Prior year adjustment
15
22
Total current income tax
137
206
Deferred income tax
Origination and reversal of temporary differences
479
468
Non-recognition of tax losses and temporary differences
73
18
Change in tax rates
-12
17
Adjustment for prior periods
-7
-24
Total deferred income tax
533
479
Total income tax
670
684
Taxes in OCI and Equity
Amounts in NOK million
2025
2024
Cash flow hedges, deferred tax
-7
0
Remeasurement of defined benefit pension plans
-4
-6
Income taxes included in OCI
-11
-6
Amounts in NOK million
2025
2024
Internal dividends
-19
-28
Income taxes included in equity
-19
-28
Effective Tax Rate
The table below reconciles the tax expense as if the Norwegian tax rate of 22 percent was applied.
Amounts in NOK million
2025
2024
Income before tax from continuing operations
3,202
3,349
Income tax when applying Norwegian tax rate of 22 percent
704
22.0%
737
22.0%
Tax effects of:
Effect of different tax rates in other jurisdictions
2
0.1%
22
0.7%
Non-taxable income
-182
-5.7%
-172
-5.1%
Non-deductible expenses
106
3.3%
27
0.8%
Effect of withholding tax
33
1.0%
50
1.5%
Current tax adjustments related to prior years
15
0.5%
22
0.7%
Deferred tax adjustments related to prior years
-7
-0.2%
-24
-0.7%
Previously unrecognized tax losses used to reduce payable tax
-58
-1.8%
-11
-0.3%
Non-recognition of deferred tax assets
73
2.3%
18
0.5%
Impact of change in tax rate
-12
-0.4%
17
0.5%
Other
-5
-0.2%
-1
0.0%
Income tax and effective tax rate
670
20.9%
684
20.4%
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred Tax Assets and Liabilities
Assets
Liabilities
Net
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Property, plant and equipment
118
24
-38
-62
81
-39
Pensions
180
190
0
0
180
190
Projects under construction
0
33
-2,866
-1,167
-2,866
-1,134
Tax loss carry-forwards
1,280
209
-1
-1
1,279
208
Intangible assets
4
5
-14
-13
-10
-9
Provisions
399
435
-1
0
398
435
Derivatives
5
0
-44
-5
-39
-5
Tax credits and other
500
488
-165
-214
334
273
Total before offsetting
2,487
1,384
-3,128
-1,462
-642
-79
Offsetting
-2,313
-1,159
2,313
1,159
0
0
Total
174
225
-815
-304
-642
-79
Note 9 continues on next page
Note 9 Income Tax cont.
Change in Net Recognized Deferred Tax Assets and Liabilities
Amounts in NOK million
Total
Balance as of January 1, 2024
351
Business acquisition
15
Recognized in profit and loss
-479
Recognized in other comprehensive income (OCI)
8
Prepaid withholding tax
17
Reclassification between categories
0
Currency translation differences
10
Balance as of December 31, 2024
-79
Business acquisition
-1
Recognized in profit and loss
-532
Prior year-adjustments booked in equity
-34
Recognized in other comprehensive income (OCI)
11
Currency translation differences
-7
Balance as of December 31, 2025
-642
Note 9 continues on next page
\"NOTE9.jpg\"
Note 9 Income Tax cont.
Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)
Amounts in NOK million
Tax losses carry-forwards
Other tax assets
Expiry within 5
years
Expiry 5-20
years
Indefinite
expiration
Total
Of which is
unrecognized\u00a0
Of which is
recognized\u00a0
Unrecognized
Norway
0
0
5,150
5,150
0
5,150
735
Europe excluding Norway
1
0
341
342
342
0
113
North America
0
795
642
1,437
739
698
0
South America
0
0
802
802
802
0
123
Asia Pacific
712
138
0
850
850
0
269
Total
713
933
6,935
8,581
2,733
5,848
1,240
See note 19 for more information about tax provisions
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future taxable profits
will be available to utilize the tax losses and credits. The forecasted future taxable profits are based on firm
orders in the backlog and identified prospects in addition to expected service revenue. The forecasted
taxable profits reflect organic growth only. Other parameters in the assessment are the predicted long-term
investment level by companies in the renewable and oil and gas energy sector, mix of projects and services
and level of operating expenses.
Deferred Tax Assets and Liabilities
Assets
Liabilities
Net
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Property, plant and equipment
118
24
-38
-62
81
-39
Pensions
180
190
0
0
180
190
Projects under construction
0
33
-2,866
-1,167
-2,866
-1,134
Tax loss carry-forwards
1,280
209
-1
-1
1,279
208
Intangible assets
4
5
-14
-13
-10
-9
Provisions
399
435
-1
0
398
435
Derivatives
5
0
-44
-5
-39
-5
Tax credits and other
500
488
-165
-214
334
273
Total before offsetting
2,487
1,384
-3,128
-1,462
-642
-79
Offsetting
-2,313
-1,159
2,313
1,159
0
0
Total
174
225
-815
-304
-642
-79
Note 9 continues on next page
Note 9 Income Tax cont.
Change in Net Recognized Deferred Tax Assets and Liabilities
Amounts in NOK million
Total
Balance as of January 1, 2024
351
Business acquisition
15
Recognized in profit and loss
-479
Recognized in other comprehensive income (OCI)
8
Prepaid withholding tax
17
Reclassification between categories
0
Currency translation differences
10
Balance as of December 31, 2024
-79
Business acquisition
-1
Recognized in profit and loss
-532
Prior year-adjustments booked in equity
-34
Recognized in other comprehensive income (OCI)
11
Currency translation differences
-7
Balance as of December 31, 2025
-642
Note 9 continues on next page
\"NOTE9.jpg\"
Note 9 Income Tax cont.
Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)
Amounts in NOK million
Tax losses carry-forwards
Other tax assets
Expiry within 5
years
Expiry 5-20
years
Indefinite
expiration
Total
Of which is
unrecognized\u00a0
Of which is
recognized\u00a0
Unrecognized
Norway
0
0
5,150
5,150
0
5,150
735
Europe excluding Norway
1
0
341
342
342
0
113
North America
0
795
642
1,437
739
698
0
South America
0
0
802
802
802
0
123
Asia Pacific
712
138
0
850
850
0
269
Total
713
933
6,935
8,581
2,733
5,848
1,240
See note 19 for more information about tax", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "
Note 10 Property, Plant and Equipment
Property, plant and equipment mainly relates to the yards within the Renewables and Field Development
segment. Property, plant and equipment also include furniture and fittings in office buildings.
Financial Reporting Principles
Assets are normally depreciated on a straight-line basis over their expected economic lives as follows:
\u25fc Machinery and equipment: 3-15 years
\u25fc Buildings: 4-30 years
\u25fc Land: No depreciation
Impairment triggers are assessed quarterly and impairment testing is performed when triggers have been
identified.
Judgment and Estimates
Judgment is involved when determining the depreciation period and when assessing impairment or reversal
of impairment. Impairment is assessed for individual assets and for cash generating units. The impairment
testing involves judgmental assumptions about future market development, cash flows, determination of
weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.
Commitments
Aker Solutions has entered into contractual commitments for the acquisition of property, plant and
equipment amounting to NOK 12 million as of December 31, 2025, all of which is expected to be paid during
2026. Contractual commitments were NOK 133 million per December 31, 2024.
Note 10 continues on next page
\"NOTE10.jpg\"
Note 10 Property, Plant and Equipment cont.
Property, Plant and Equipment
Amounts in NOK million
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Historical cost
Balance as of December 31, 2023
2,139
3,595
1,879
7,614
Additions1
188
269
668
1,125
Reclassification from assets under
construction
562
1,470
-2,032
0
Reclassification between categories
0
6
-6
0
Disposal and scrapping
-273
-925
0
-1,198
Currency translation differences
52
56
0
109
Balance as of December 31, 2024
2,670
4,471
510
7,651
Additions
26
36
371
433
Acquisition of subsidiaries
0
4
0
4
Reclassification from assets under
construction
218
467
-684
0
Reclassification between categories
-56
56
0
0
Disposal and scrapping
-17
-391
0
-408
Currency translation differences
-66
-45
0
-111
Balance as of December 31, 2025
2,775
4,598
196
7,568
1)Excludes NOK 270 million in paid investments that were capitalized in 2023.
Amounts in NOK million
Notes
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2023
-1,152
-2,969
-5
-4,127
Depreciation for the year
-210
-360
-570
Impairment
-4
-2
0
-5
Disposal and scrapping
275
921
0
1,196
Reclassification between categories
0
-6
6
0
Currency translation differences
-39
-54
0
-93
Balance as of December 31, 2024
-1,129
-2,469
0
-3,598
Depreciation for the year
-293
-530
-823
Impairment
0
-7
0
-7
Disposal and scrapping
14
393
0
407
Reclassification between categories
46
-46
0
0
Currency translation differences
37
42
0
79
Balance as of December 31, 2025
-1,325
-2,617
0
-3,942
Book value as of December 31, 2024
1,541
2,002
510
4,053
Book value as of December 31, 2025
1,450
1,980
196
3,626
See note 17 for more information about right-of-use lease assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
Financial Reporting Principles
Assets are normally depreciated on a straight-line basis over their expected economic lives as follows:
\u25fc Machinery and equipment: 3-15 years
\u25fc Buildings: 4-30 years
\u25fc Land: No depreciation
Impairment triggers are assessed quarterly and impairment testing is performed when triggers have been
identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
Amounts in NOK million
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Historical cost
Balance as of December 31, 2023
2,139
3,595
1,879
7,614
Additions1
188
269
668
1,125
Reclassification from assets under
construction
562
1,470
-2,032
0
Reclassification between categories
0
6
-6
0
Disposal and scrapping
-273
-925
0
-1,198
Currency translation differences
52
56
0
109
Balance as of December 31, 2024
2,670
4,471
510
7,651
Additions
26
36
371
433
Acquisition of subsidiaries
0
4
0
4
Reclassification from assets under
construction
218
467
-684
0
Reclassification between categories
-56
56
0
0
Disposal and scrapping
-17
-391
0
-408
Currency translation differences
-66
-45
0
-111
Balance as of December 31, 2025
2,775
4,598
196
7,568
Amounts in NOK million
Notes
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2023
-1,152
-2,969
-5
-4,127
Depreciation for the year
-210
-360
-570
Impairment
12
-4
-2
0
-5
Disposal and scrapping
275
921
0
1,196
Reclassification between categories
0
-6
6
0
Currency translation differences
-39
-54
0
-93
Balance as of December 31, 2024
-1,129
-2,469
0
-3,598
Depreciation for the year
-293
-530
-823
Impairment
12
0
-7
0
-7
Disposal and scrapping
14
393
0
407
Reclassification between categories
46
-46
0
0
Currency translation differences
37
42
0
79
Balance as of December 31, 2025
-1,325
-2,617
0
-3,942
Book value as of December 31, 2024
1,541
2,002
510
4,053
Book value as of December 31, 2025
1,450
1,980
196
3,626
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Historical cost
Balance as of December 31, 2023
1,127
3,783
396
5,306
Additions from internal development1,2
46
0
0
46
Acquisition of subsidiaries
0
0
30
30
Reclassification between categories
41
0
-41
0
Disposal of subsidiaries and assets
-426
-81
-202
-708
Currency translation differences
2
-2
6
6
Balance as of December 31, 2024
790
3,700
190
4,680
Additions from internal development1
65
0
0
65
Acquisition of subsidiaries
0
19
6
25
Disposal of subsidiaries and assets
-205
0
-34
-238
Currency translation differences
0
-4
-2
-6
Balance as of December 31, 2025
650
3,715
160
4,525
1) Development cost funded by third-party totaled NOK 5 million in 2025 (NOK 11 million in 2024).
2) Excludes NOK 5 million in paid investments that were capitalized in 2023.
Amounts in NOK million
Notes
Capitalized
development
Goodwill
Other
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2023
-741
-683
-319
-1,744
Amortization for the year
-138
0
-13
-151
Impairment
12
-2
0
0
-2
Reclassifications between categories
-38
0
38
0
Disposal of subsidiaries and assets
426
81
202
708
Currency translation differences
-2
3
-6
-5
Balance as of December 31, 2024
-495
-599
-99
-1,193
Amortization for the year
-126
0
-10
-136
Impairment
12
0
0
0
0
Disposal of subsidiaries and assets
205
0
34
238
Currency translation differences
0
1
2
3
Balance as of December 31, 2025
-416
-598
-73
-1,087
Book value as of December 31, 2024
295
3,101
91
3,487
Book value as of December 31, 2025
233
3,118
87
3,438
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "Intangible Assets and Goodwill
Intangible assets mainly relate to capitalized technology development in addition to goodwill. The technology
development programs are closely monitored to secure the desired technological achievements in time and
at acceptable cost levels. Technology development programs that meet certain criteria are capitalized and
amortized over the expected useful lives.
Financial Reporting Principles
Capitalized Development
The technology development at Aker Solutions is graded according to a Technology Readiness Level (TRL)
consisting of eight phases. Research and development costs are expensed as incurred until a program has
completed the concept phase. Development cost is only capitalized if the product or process is technically
and commercially feasible and the business case shows a positive net present value. Capitalized
development mainly includes internal labor costs in addition to materials for the development program. Any
third-party funding is presented as a reduction of the capitalized amount. The capitalized development is
normally amortized over five years on a straight-line basis, but certain programs with a clear differentiating
offering and a longer economic benefit may be amortized up to seven years. For development projects in
progress, a full impairment test is performed annually or when impairment indicators are identified. Assets
are written down to recoverable amount if lower than book value.
Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.
Other
Other intangible assets include IT systems and technology development acquired through business
combinations.
Judgments and Estimates
The decision to capitalize a development program involves management judgment. There are strict internal
rules defining what qualifies for capitalization, and the documentation of the assessment is monitored
centrally. Management makes assessment of future market opportunities, ability to successfully achieve the
desired technological solution and the time and cost it takes to develop it. These factors may change over
time.
Judgment is involved when determining the amortization period and when assessing impairment or reversal
of impairment. Impairment indicators are assessed for individual development projects, other intangible
assets, and for cash generating units including goodwill. Impairment testing is performed when impairment
indicators have been identified. In addition, goodwill and capitalized development programs that have not
been completed are subject to an annual impairment test. The impairment testing involves judgmental
assumptions about future market development, cash flows, determination of weighted average cost of
capital (WACC), growth rate, and other assumptions that may change over time.
Note 11 continues on next page
Note 11 Intangible Assets and Goodwill cont.
Intangible Assets
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Historical cost
Balance as of December 31, 2023
1,127
3,783
396
5,306
Additions from internal development1,2
46
0
0
46
Acquisition of subsidiaries
0
0
30
30
Reclassification between categories
41
0
-41
0
Disposal of subsidiaries and assets
-426
-81
-202
-708
Currency translation differences
2
-2
6
6
Balance as of December 31, 2024
790
3,700
190
4,680
Additions from internal development1
65
0
0
65
Acquisition of subsidiaries
0
19
6
25
Disposal of subsidiaries and assets
-205
0
-34
-238
Currency translation differences
0
-4
-2
-6
Balance as of December 31, 2025
650
3,715
160
4,525
1) Development cost funded by third-party totaled NOK 5 million in 2025 (NOK 11 million in 2024).
2) Excludes NOK 5 million in paid investments that were capitalized in 2023.
Amounts in NOK million
Notes
Capitalized
development
Goodwill
Other
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2023
-741
-683
-319
-1,744
Amortization for the year
-138
0
-13
-151
Impairment
12
-2
0
0
-2
Reclassifications between categories
-38
0
38
0
Disposal of subsidiaries and assets
426
81
202
708
Currency translation differences
-2
3
-6
-5
Balance as of December 31, 2024
-495
-599
-99
-1,193
Amortization for the year
-126
0
-10
-136
Impairment
12
0
0
0
0
Disposal of subsidiaries and assets
205
0
34
238
Currency translation differences
0
1
2
3
Balance as of December 31, 2025
-416
-598
-73
-1,087
Book value as of December 31, 2024
295
3,101
91
3,487
Book value as of December 31, 2025
233
3,118
87
3,438
Research and Development Expenses
The research and development expense was NOK 77 million in 2025 compared to NOK 88 million in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
Financial Reporting Principles
Capitalized Development
The technology development at Aker Solutions is graded according to a Technology Readiness Level (TRL)
consisting of eight phases. Research and development costs are expensed as incurred until a program has
completed the concept phase. Development cost is only capitalized if the product or process is technically
and commercially feasible and the business case shows a positive net present value. Capitalized
development mainly includes internal labor costs in addition to materials for the development program. Any
third-party funding is presented as a reduction of the capitalized amount. The capitalized development is
normally amortized over five years on a straight-line basis, but certain programs with a clear differentiating
offering and a longer economic benefit may be amortized up to seven years. For development projects in
progress, a full impairment test is performed annually or when impairment indicators are identified. Assets
are written down to recoverable amount if lower than book value.
Other
Other intangible assets include IT systems and technology development acquired through business
combinations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
Research and Development Expenses
The research and development expense was NOK 77 million in 2025 compared to NOK 88 million in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "Impairment of Assets
In 2025, Aker Solutions experienced record-high activity and solid profitability. Activity and revenue is
expected to come down in 2026. The group is adapting to changes in market conditions and taking
measures to adjust capacity and cost levels as well as broadening its customer footprint. Aker Solutions has
a solid order backlog of projects, with balanced risk-reward profiles, and high tendering- and FEED activity.
The company had net impairments of NOK 10 million in 2025.
Impairment Testing Method
Individual Assets
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every quarter to
identify assets that are damaged, no longer in use or will be disposed. Capitalized development is assessed
for impairment triggers every quarter to identify development programs where the technological
development or commercial outlook for that specific technology no longer justify the book value. Capitalized
development programs that have not been completed are subject to annual impairment testing. The
impairment testing of capitalized development includes an update of the future expected cash flows,
assessing status on technical achievements and reviewing cost incurred compared to budget in order to
identify if any of the capitalized cost should be expensed. The assets are written down to recoverable
amount, if lower than book value. Reversal of impairment is assessed annually for assets previously impaired
or when reversal of impairment triggers have been identified.
Assets in a Cash Generating Unit (CGU)
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of a
cash generating unit (CGU). A CGU represents the lowest level of independent revenue generated by the
assets. This is usually the lowest level where a separate external market exists for the output from the CGU.
Impairment indicators are reviewed for all assets with assessment of market conditions, technological
development, change in order backlog, change in discount rate and other elements that may impact the
value of the assets in the CGU. Assets are usually tested using the value-in-use approach determined by
discounting expected future cash flows. Various sensitivity analysis for change in future cash flows, growth
rate and WACC is performed for CGUs with limited headroom in the impairment testing. Impairment losses
are recognized for assets in CGUs where the recoverable amount is lower than book value.
Goodwill
The groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers
have been identified. The company does not have other assets than goodwill with indefinite useful lives.
Judgments and Estimates
The impairment testing of assets is by nature highly judgmental as it includes estimates such as future
market development, cash flows, determination of CGUs and WACC, growth rate used for calculation of
terminal value and other assumptions that may change over time. In particular, future cash flows are
uncertain as they are impacted by market developments beyond Aker Solutions' control. The oil price
impacts for example the investment levels in CapEx and maintenance projects by the oil companies. Carbon
taxation impacts the investment levels of carbon capture and offshore wind investments. These external factors
in turn impact the markets in which Aker Solutions operates.
Climate-related Matters
The energy transition may curtail the expected useful lives of oil and gas related assets thereby accelerating
depreciation charges. The group\u2019s assets related to oil and gas are likely to be fully depreciated within the
next 10-15 years and projects related to oil and gas will be a part of Aker Solutions\u2019 business activities over
this period. Aker Solutions will be engaged in traditional oil and gas projects and will also be engaged in
projects relating to decarbonization solutions and services for existing platforms. Therefore, Aker Solutions
does not expect any changes to the useful lives of our property, plant, and equipment. Assessment of effect
on useful lives is not considered to be a significant accounting judgment or estimate. Aker Solutions note
that assessment of useful lives of future capital expenditure may be different, and local climate changes in
the future may affect useful lives of certain assets. While there are no identified immediate or short-term
impacts from climate change, Aker Solutions is aware of the ever-changing risks and opportunities to climate
change. We will regularly assess these risks against judgments and estimates made in preparation of the
financial statements.
Under all three climate scenarios (described in the \u201cClimate Change\u201d chapter under the Sustainability
Statement) the group expects an increase in the frequency and intensity of extreme weather events. This is
not expected to lead to any effects on useful economic life of property, plant and equipment per 2025.
The expected future cash flows used in impairment testing are affected by climate changes as the projects
Aker Solutions will be engaged in will change going forward. The projects Aker Solutions tender for are
based on the pipeline of future projects needed to fulfill the energy need in the market. This market has
changed during the last decade, and Aker Solutions renewables and transitional solutions represented 20
percent of the revenue in 2025, and we continue to see material projects within this market also in the
future. As the cash flows used in the impairment testing are based on current backlog together with
identified prospects, the climate changes have an impact on our impairment testing through the projects
included in the cash flows used for impairment testing.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Cash Flow Assumptions
When estimating future cash flows, five years of cash flows for the period 2026 to 2030 have been used as
basis. The forecasted cash flows are based on firm orders in the backlog and identified prospects in addition
to expected service revenue. ROU lease assets are included in the impairment test. Management has defined
the growth rate, post-tax discount rate and estimated future cash flows as the most sensitive assumptions in
the value-in-use calculation. The forecasted cash flows used in the impairment tests reflect organic growth
only. Other parameters in the assessment are the predicted long-term oil price per barrel, mix of projects and
services, level of operating expenses and capital expenditure for maintenance of the asset portfolio.
Discount Rate
The WACC used in the impairment testing of goodwill is shown below.
2025
2024
Post-tax
WACC
Pre-tax
WACC
Post-tax
WACC
Pre-tax
WACC
New Build yards
9.9%
12.3%
9.7%
13.4%
New Energies
9.6%
11.7%
10.0%
12.0%
Life Cycle
9.9%
11.6%
10.0%
12.5%
Benestad and Power & Controls
9.5%
11.2%
9.6%
11.5%
Hydropower1
9.9%
12.1%
9.9%
9.9%
Additech
9.5%
10.6%
N/A
N/A
1)Hydropower had significant tax losses carry forward and no tax payments were assumed in the 2024 impairment testing. In
2025, Aker Solutions Hydropower AS merged with Aker Solutions AS.
Estimated future cash flows are discounted to their present value using the weighted average cost of capital
(WACC), which is a post-tax discount rate. The WACC is based on a risk-free interest rate, a risk premium
and average beta values of peers within each market. A separate WACC has been calculated for each of the
CGUs taken into consideration country specific risk premiums and long-term risk free interest rates. A growth
rate has been applied to calculate terminal value after the five-year period.
Impairment Testing of Individual Assets and CGUs
The table below summarizes the net impairments recognized per group of assets and per segment.
Renewables and
Field
Development
Life Cycle
Other
Total
Amounts in NOK million
2025
2024
2025
2024
2025
2024
2025
2024
Impairment of intangible assets
0
2
0
0
0
0
0
2
Impairment of property, plant and equipment
2
0
0
0
6
5
7
5
Impairment of right-of-use assets
0
0
0
0
3
15
3
15
Total impairment
2
2
0
0
8
20
10
22
The company had net impairments of NOK 10 million in 2025 (NOK 22 million in 2024). Impairments in the
year related to fixed assets no longer in use and right-of-use assets with empty areas available for sublease.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Impairment Testing of Goodwill
The groups of CGUs identified when testing goodwill represent the level where synergies are expected and
goodwill is monitored. ROU lease assets are included in the impairment testing.
The book value of goodwill for the groups of CGUs that include goodwill is shown below.
Amounts in NOK million
2025
2024
New Build yards (Renewables and Field Development)
1,302
1,302
New Energies (Renewables and Field Development)
226
226
Life Cycle (Life Cycle)
1,300
1,303
Benestad (Other)
188
188
Hydropower and Power & Controls (Other)
82
82
Additech (Other)
19
0
Total goodwill as of December 31
3,117
3,101
Assumptions
A post-tax value-in-use method was used, with pre-tax rates calculated using an iterative method for
illustration purposes only. The forecasted cash flows are based on firm orders and an expected share of new
contracts. When determining the terminal value, a growth rate of 1.5 percent has been used for the CGUs.
The annual impairment testing of goodwill did not result in any impairment losses.
Sensitivities
The impairment testing is affected by changes in demand for Aker Solutions\u2019 products and services. External
factors such as long-term oil prices and governments\u2019 policies regarding renewable energy sources and
decarbonization impact customers\u2019 investment decisions. The testing is also affected by changes in WACC,
growth rates, product mix, cost levels and the ability of Aker Solutions to secure projects as forecasted in the
cash flow. Multiple sensitivity tests have been run on the key assumptions in the value-in-use calculation to
evaluate possible adverse changes. This includes changing the discount rate and growth rate in addition to
reducing the expected future cash flows. Reasonable changes in assumptions would not have lead to any
impairment of goodwill.
Aker Solutions acknowledge that our business will be affected by climate risks. The growth rate embedded in
impairment testing is lower than the inflation that is assumed in the WACC calculation, leading to a negative
real growth rate. This is embedded in the numbers to reflect that the oil and gas activities are not assumed to
have infinite lives. When material climate risk effects on operations are identified, impairment assessments
will be reassessed. Climate risks are assessed and described in the Sustainability Statement.
The recoverable amounts exceed book value for all scenarios and for all the CGUs in the goodwill impairment
testing both in 2025 and 2024.
See note 10 for more information about property, plant and equipment
See note 11 for more information about intangible assets
See note 17 for more information about right-of-use lease assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
Impairment Testing Method
Individual Assets
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every quarter to
identify assets that are damaged, no longer in use or will be disposed. Capitalized development is assessed
for impairment triggers every quarter to identify development programs where the technological
development or commercial outlook for that specific technology no longer justify the book value. Capitalized
development programs that have not been completed are subject to annual impairment testing. The
impairment testing of capitalized development includes an update of the future expected cash flows,
assessing status on technical achievements and reviewing cost incurred compared to budget in order to
identify if any of the capitalized cost should be expensed. The assets are written down to recoverable
amount, if lower than book value. Reversal of impairment is assessed annually for assets previously impaired
or when reversal of impairment triggers have been identified.
Assets in a Cash Generating Unit (CGU)
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of a
cash generating unit (CGU). A CGU represents the lowest level of independent revenue generated by the
assets. This is usually the lowest level where a separate external market exists for the output from the CGU.
Impairment indicators are reviewed for all assets with assessment of market conditions, technological
development, change in order backlog, change in discount rate and other elements that may impact the
value of the assets in the CGU. Assets are usually tested using the value-in-use approach determined by
discounting expected future cash flows. Various sensitivity analysis for change in future cash flows, growth
rate and WACC is performed for CGUs with limited headroom in the impairment testing. Impairment losses
are recognized for assets in CGUs where the recoverable amount is lower than book value.
Goodwill
The groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers
have been identified. The company does not have other assets than goodwill with indefinite useful lives.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "Trade and Other Receivables
Judgments and Estimates
Judgment is involved when determining the impairment losses on receivables and customer contract assets.
The impairment is based on individual assessments of each customer and default risk in the industry and the
country in which the customer operates in line with the expected credit loss method (ECL). The customers of
Aker Solutions are mainly large, international energy companies with low credit risk.
Trade and Other Receivables
Amounts in NOK million
2025
2024
Trade receivables
7,144
6,026
Trade receivables, related parties
592
342
Less bad debt provision
-17
-161
Trade receivables, net
7,719
6,208
Customer contract assets
4,743
4,721
Other receivables
549
204
Customer contract assets and other receivables
5,292
4,925
Bad Debt Provision
Amounts in NOK million
2025
2024
Balance as of January 1
-161
-116
Provisions made during the year
-10
-67
Provisions reversed during the year
139
31
Provisions used during the year
8
0
Currency translation differences
7
-9
Balance as of December 31
-17
-161
Aging of Trade Receivables
Amounts in NOK million
2025
2024
Not due
7,240
5,394
Past due 0-30 days
149
270
Past due 31-90 days
98
223
Past due 91 days to one year
86
360
Past due more than one year
163
122
Total
7,736
6,368
An unstable geopolitical situation has increased volatility and risk in financial markets over the recent years.
In Aker Solutions, the credit risk has not changed significantly, as the majority of customers are large,
international energy companies.
See note 3 for more information about customer contract assets and trade receivables
See note 21 for more information about credit risk and the ECL method
See note 24 for more information about financial assets and liabilities
See note 27 for more information about receivables to related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "Financial Investments
Amounts in NOK million
2025
2024
Shares in SLB
1,953
2,197
Total
1,953
2,197
Shares in SLB
As part of the consideration from the sale of the subsea business in 2023, Aker Solutions received USD
306.5 million from SLB in the form of 5,057,706 shares in SLB.
The shares are measured at fair value through profit and loss. The investment is exposed to currency risk and
share price risk. No currency hedges have been arranged for the currency exposure during 2025. Part of the
currency exposure was secured with put options during 2024 and a loss of NOK 114 million for the put option
was recognized as part of net foreign exchange gain (loss).
The shares in SLB have been disposed in 2026.
See note 21 for more information about financial risk management and exposures
See note 24 for more information about financial assets and liabilities
See note 29 for more information about the disposal of the shares in SLB
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
Note 15 Cash and Cash Equivalents
Amounts in NOK million
2025
2024
Interest-bearing deposits in cash pool
2,621
1,854
Other interest-bearing deposits
1,094
1,005
Total
3,715
2,860
Available Liquidity
Additional undrawn committed non-current bank revolving credit facilities amounted to NOK 5.0 billion,
compared to NOK 3.0 billion in the prior period. Together with cash and cash equivalents, this gives a total
liquidity buffer of NOK 8.7 billion, compared to NOK 5.9 billion in prior year.
See note 21 for more information about cash restrictions and the cash pool arrangement
See note 22 for more information about capital management
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "Equity
Share Capital
Aker Solutions ASA was founded May 23, 2014, and the share capital was NOK 531,540,456 divided into
492,167,089 shares, each having a nominal value of NOK 1.08 as of December 31, 2025. All issued shares
are fully paid. Aker Solutions ASA has one class of shares, ordinary shares, with equal rights for all shares.
The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at
general meetings.
Treasury Shares
The group purchases its own shares to meet obligations under employee share purchase programs and
variable pay programs for management. Treasury shares are not included in the weighted average number of
ordinary shares. Earnings per share have been calculated based on an average of 482,225,016 shares
outstanding December 31, 2025. Consideration for treasury shares sold in 2025 was NOK 154 million.
Amounts in NOK million
Number of shares
Treasury shares as of December 31, 2024
12,843,557
Sale
-4,845,014
Treasury shares as of December 31, 2025
7,998,543
Hedging Reserve
The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet recognized in the
income statement. The hedging effects are recognized in the income statement according to the progress of
the underlying customer contract.
Translation Reserve
The currency translation reserve includes foreign exchange differences arising from the translation of the
subsidiaries into the presentation currency of the consolidated financial statements.
Fair Value Reserve
The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
See note 2 for more information about currency translation of subsidiaries
See note 10 in the parent company financial statement for overview of the largest shareholders
See note 23 for more information about hedging
See note 26 for more information about equity securities in the fair value reserve
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
Treasury Shares
The group purchases its own shares to meet obligations under employee share purchase programs and
variable pay programs for management. Treasury shares are not included in the weighted average number of
ordinary shares. Earnings per share have been calculated based on an average of 482,225,016 shares
outstanding December 31, 2025. Consideration for treasury shares sold in 2025 was NOK 154 million.
Amounts in NOK million
Number of shares
Treasury shares as of December 31, 2024
12,843,557
Sale
-4,845,014
Treasury shares as of December 31, 2025
7,998,543
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
Hedging Reserve
The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet recognized in the
income statement. The hedging effects are recognized in the income statement according to the progress of
the underlying customer contract.
Translation Reserve
The currency translation reserve includes foreign exchange differences arising from the translation of the
subsidiaries into the presentation currency of the consolidated financial statements.
Fair Value Reserve
The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
Note 17 Leases and Investment Property
The company leases a number of office buildings, manufacturing and service sites in addition to some
machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as a right-of-use
asset and lease liability unless the lease is short-term or low-value. Vacated leased property made available
for sublease and property with operational subleases are classified as investment property.
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates, credit
risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to impairment
testing. Several property leases contain extension options or cancellation clauses. The non-cancellable lease
period is basis for the lease commitment. Periods covered by extension or termination options are included
when it is reasonably certain that the lease period will be extended. When management has decided to
extend the lease period is typically an event that would trigger an updated assessment of the reasonably
certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured using
the cost model, meaning that the book value and depreciation of the lease term from the ROU asset is the
basis for measuring the investment property. When testing the investment property for impairment, the
expected future sublease income is discounted to present value and compared to the value of the investment
property. The cost model together with impairment assessments is also an estimate of fair value of the right-
of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is assessed for
separable parts of leased buildings that have been or will be vacated in the near future. The impairment is
sensitive to changes in estimated future expected sublease income and sublease period. Further, judgment is
involved when determining whether sublease contracts are financial or operational, as well as when
determining lease term for contracts that have extension or termination options. Determination of the
discount rate also involves judgment.
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Right-of-Use (ROU) Assets
The movement in the right-of-use assets is summarized below.
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Historical cost
Balance at January 1, 2024
3,836
1,159
57
5,052
Additions and remeasurement
263
27
10
299
De-recognition through financial sublease
-2
0
0
-2
Disposal of lease contracts
-726
0
-8
-734
Transfer between categories
55
-55
0
0
Currency translation differences
101
84
0
186
Balance as of December 31, 2024
3,528
1,214
59
4,801
Additions and remeasurement
740
82
0
822
De-recognition through financial sublease
-1
0
0
-1
Disposal of lease contracts
-352
-207
-3
-562
Transfer between categories
50
-50
0
0
Currency translation differences
-55
-44
0
-99
Balance as of December 31, 2025
3,912
996
58
4,966
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Accumulated depreciation and impairment
Balance at January 1, 2024
-2,339
-779
-22
-3,141
Depreciation expense
-398
-30
-9
-438
Impairments
-7
-37
0
-44
Reversal of impairments this period
29
0
0
29
Depreciation and impairment on disposal of ROU, acc.
720
0
8
729
Currency translation difference
-74
-56
0
-129
Balance as of December 31, 2024
-2,069
-902
-23
-2,994
Depreciation expense
-467
-17
-9
-493
Impairments
-19
-1
0
-20
Reversal of impairments this period
17
0
0
17
Depreciation and impairment on disposal of ROU, acc.
311
182
3
496
Currency translation difference
38
31
0
69
Balance as of December 31, 2025
-2,188
-708
-29
-2,925
Book value as of December 31, 2024
1,459
312
36
1,807
Book value as of December 31, 2025
1,724
288
29
2,041
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Lease liabilities and Lease Receivables
The movement in lease liabilities and lease receivables related to subleases are shown in the table below.
Lease liabilities
Lease receivable
(sublease)
Amounts in NOK million
2025
2024
2025
2024
Movement of lease liabilities and receivables
Balance as of January 1
3,345
3,540
567
677
Additions and remeasurement
680
321
-140
11
De-recognition
-87
-5
0
-45
Interest expense/sublease interest income
157
156
15
26
Lease payments/sublease payments
-885
-827
-142
-149
Currency translation differences
-79
161
-21
47
Balance as of December 31
3,135
3,345
279
567
Of which current
615
708
73
122
Of which non-current
2,520
2,637
206
445
Balance as of December 31
3,135
3,345
279
567
The weighted-average discount rate applied to calculate lease liability was 5.3 percent in 2025 (4.6 percent
in 2024).
The maturity of lease payments and sublease income per December 31 are presented below:
Lease Payments
Financial sublease
income
Operational
sublease income
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Maturity within 1 year
757
837
82
140
37
45
Maturity 1-5 years
1,664
1,846
153
307
64
56
Maturity 5-10 years
1,196
1,150
74
184
4
11
Maturity later than 10 years
248
14
0
1
0
0
Total
3,866
3,846
310
632
105
113
Discounting effect
-731
-501
-31
-65
N/A
N/A
Lease liabilities and lease receivable
3,135
3,345
279
567
N/A
N/A
Amounts Recognized in the Income Statement
The following amounts are recognized in the income statement related to leasing:
Amounts in NOK million
2025
2024
Income from operational subleases presented as other income
221
172
Expenses relating to short-term leases presented as operating costs
-779
-512
Expenses relating to low-value leases presented as operating costs
-8
-6
Depreciation of ROU assets
-493
-438
Net impairments of ROU assets
-3
-15
Interest on lease receivables presented as financial income
15
26
Interest on lease liabilities presented as financial expense
-157
-156
Gain/(loss) on termination of lease agreements
22
-12
Expense relating to variable lease payments not included in lease liabilities
-21
-11
Total effect on profit/(loss) before tax
-1,204
-952
Short-term leases include storage and accommodation for expats and workers in addition to rental of tools,
machinery, cranes, containers and other equipment used in production.
See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 27 for more information about leasing contracts with related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
Note 17 Leases and Investment Property
The company leases a number of office buildings, manufacturing and service sites in addition to some
machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as a right-of-use
asset and lease liability unless the lease is short-term or low-value. Vacated leased property made available
for sublease and property with operational subleases are classified as investment property.
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates, credit
risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to impairment
testing. Several property leases contain extension options or cancellation clauses. The non-cancellable lease
period is basis for the lease commitment. Periods covered by extension or termination options are included
when it is reasonably certain that the lease period will be extended. When management has decided to
extend the lease period is typically an event that would trigger an updated assessment of the reasonably
certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured using
the cost model, meaning that the book value and depreciation of the lease term from the ROU asset is the
basis for measuring the investment property. When testing the investment property for impairment, the
expected future sublease income is discounted to present value and compared to the value of the investment
property. The cost model together with impairment assessments is also an estimate of fair value of the right-
of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is assessed for
separable parts of leased buildings that have been or will be vacated in the near future. The impairment is
sensitive to changes in estimated future expected sublease income and sublease period. Further, judgment is
involved when determining whether sublease contracts are financial or operational, as well as when
determining lease term for contracts that have extension or termination options. Determination of the
discount rate also involves judgment.
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Right-of-Use (ROU) Assets
The movement in the right-of-use assets is summarized below.
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Historical cost
Balance at January 1, 2024
3,836
1,159
57
5,052
Additions and remeasurement
263
27
10
299
De-recognition through financial sublease
-2
0
0
-2
Disposal of lease contracts
-726
0
-8
-734
Transfer between categories
55
-55
0
0
Currency translation differences
101
84
0
186
Balance as of December 31, 2024
3,528
1,214
59
4,801
Additions and remeasurement
740
82
0
822
De-recognition through financial sublease
-1
0
0
-1
Disposal of lease contracts
-352
-207
-3
-562
Transfer between categories
50
-50
0
0
Currency translation differences
-55
-44
0
-99
Balance as of December 31, 2025
3,912
996
58
4,966
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Accumulated depreciation and impairment
Balance at January 1, 2024
-2,339
-779
-22
-3,141
Depreciation expense
-398
-30
-9
-438
Impairments
-7
-37
0
-44
Reversal of impairments this period
29
0
0
29
Depreciation and impairment on disposal of ROU, acc.
720
0
8
729
Currency translation difference
-74
-56
0
-129
Balance as of December 31, 2024
-2,069
-902
-23
-2,994
Depreciation expense
-467
-17
-9
-493
Impairments
-19
-1
0
-20
Reversal of impairments this period
17
0
0
17
Depreciation and impairment on disposal of ROU, acc.
311
182
3
496
Currency translation difference
38
31
0
69
Balance as of December 31, 2025
-2,188
-708
-29
-2,925
Book value as of December 31, 2024
1,459
312
36
1,807
Book value as of December 31, 2025
1,724
288
29
2,041
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Lease liabilities and Lease Receivables
The movement in lease liabilities and lease receivables related to subleases are shown in the table below.
Lease liabilities
Lease receivable
(sublease)
Amounts in NOK million
2025
2024
2025
2024
Movement of lease liabilities and receivables
Balance as of January 1
3,345
3,540
567
677
Additions and remeasurement
680
321
-140
11
De-recognition
-87
-5
0
-45
Interest expense/sublease interest income
157
156
15
26
Lease payments/sublease payments
-885
-827
-142
-149
Currency translation differences
-79
161
-21
47
Balance as of December 31
3,135
3,345
279
567
Of which current
615
708
73
122
Of which non-current
2,520
2,637
206
445
Balance as of December 31
3,135
3,345
279
567
The weighted-average discount rate applied to calculate lease liability was 5.3 percent in 2025 (4.6 percent
in 2024).
The maturity of lease payments and sublease income per December 31 are presented below:
Lease Payments
Financial sublease
income
Operational
sublease income
Amounts in NOK million
2025
2024
2025
2024
2025
2024
Maturity within 1 year
757
837
82
140
37
45
Maturity 1-5 years
1,664
1,846
153
307
64
56
Maturity 5-10 years
1,196
1,150
74
184
4
11
Maturity later than 10 years
248
14
0
1
0
0
Total
3,866
3,846
310
632
105
113
Discounting effect
-731
-501
-31
-65
N/A
N/A
Lease liabilities and lease receivable
3,135
3,345
279
567
N/A
N/A
Amounts Recognized in the Income Statement
The following amounts are recognized in the income statement related to leasing:
Amounts in NOK million
2025
2024
Income from operational subleases presented as other income
221
172
Expenses relating to short-term leases presented as operating costs
-779
-512
Expenses relating to low-value leases presented as operating costs
-8
-6
Depreciation of ROU assets
-493
-438
Net impairments of ROU assets
-3
-15
Interest on lease receivables presented as financial income
15
26
Interest on lease liabilities presented as financial expense
-157
-156
Gain/(loss) on termination of lease agreements
22
-12
Expense relating to variable lease payments not included in lease liabilities
-21
-11
Total effect on profit/(loss) before tax
-1,204
-952
Short-term leases include storage and accommodation for expats and workers in addition to rental of tools,
machinery, cranes, containers and other equipment used in production.
See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 27 for more information about leasing contracts with related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates, credit
risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to impairment
testing. Several property leases contain extension options or cancellation clauses. The non-cancellable lease
period is basis for the lease commitment. Periods covered by extension or termination options are included
when it is reasonably certain that the lease period will be extended. When management has decided to
extend the lease period is typically an event that would trigger an updated assessment of the reasonably
certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured using
the cost model, meaning that the book value and depreciation of the lease term from the ROU asset is the
basis for measuring the investment property. When testing the investment property for impairment, the
expected future sublease income is discounted to present value and compared to the value of the investment
property. The cost model together with impairment assessments is also an estimate of fair value of the right-
of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates, credit
risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to impairment
testing. Several property leases contain extension options or cancellation clauses. The non-cancellable lease
period is basis for the lease commitment. Periods covered by extension or termination options are included
when it is reasonably certain that the lease period will be extended. When management has decided to
extend the lease period is typically an event that would trigger an updated assessment of the reasonably
certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured using
the cost model, meaning that the book value and depreciation of the lease term from the ROU asset is the
basis for measuring the investment property. When testing the investment property for impairment, the
expected future sublease income is discounted to present value and compared to the value of the investment
property. The cost model together with impairment assessments is also an estimate of fair value of the right-
of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
Defined Contribution Plans
A defined contribution plan is a type of retirement plan where the employer makes contributions on a regular
basis to the employee\u2019s individual pension account. The benefits received by the employee are based on the
employer contributions and gains or losses from investing the capital. Contributions to defined contribution
pension plans are recognized as an expense in the income statement as incurred.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on
retirement based on a percentage of the salary upon retirement and the employee's earnings history, years
of service and age. The calculation of defined benefit obligations is performed annually by a qualified actuary
using the projected unit credit method.
The defined benefit obligation is calculated separately for each plan by discounting the estimated amount of
future benefit that employees have earned in the current and prior periods and deducting the fair value of
any plan assets. The change of the defined benefit obligation as a result of the change of assumptions
(actuarial gains and losses) and the return on plan assets are recognized immediately in other comprehensive
income. Net interest expense and other expenses related to defined benefit plans are recognized in the
income statement. When the benefits of a plan are changed, settled or when a plan is curtailed, the change
relating to past service or the gain or loss on curtailment or settlement is recognized immediately in the
income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
Note 19 Provisions and Contingent Liabilities
Financial Reporting Principles
A contingent liability is a possible obligation that arises from past events that typically depends on a future
event outside of the company's control, for example a court decision. A provision is made when it is
considered as probable that cash outflow will take place, and the obligation can be measured reliably.
Contingent Liabilities
Disputes with customers are normally settled during the final negotiations with the customer upon delivery
and provided for in the project\u2019s accounts. However, given the scope of the group\u2019s worldwide operations
there is a risk that legal claims may arise in the future for deliveries where revenue has been recognized in
the past. Legal and tax claims are assessed on a regular basis.
Nordsee Ost Arbitration
In March 2021, Aker Solutions received a favorable outcome in the Nordsee Ost arbitration process, and
NOK 698 million (EUR 67 million) was paid to Aker Solutions in 2021. Aker Solutions recognized NOK 125
million as revenue, NOK 147 million as interest income and remaining NOK 426 million as settlement of
accounts receivable in 2021. In June 2021, the counterparty RWE submitted an application for annulment of
the arbitration award to the German Courts. Based on settlement between the parties in 2025, the
annulment application has been withdrawn and consequently formalized by order from the Higher Regional
Court of Hamburg. The proceedings are hereby concluded in its entirety and the case does no longer
represent a contingent liability for Aker Solutions.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
Note 19 Provisions and Contingent Liabilities
Financial Reporting Principles
A provision is a liability with uncertain timing and amount. Provisions are recognized when cash outflow is
considered probable, the amount can be reliably estimated and the obligation is a result of a past event. All
provisions are presented as short-term as they are part of the operating cycle.
Judgments and Estimates
The provisions are estimated based on a number of assumptions and are highly judgmental in nature. The
various provisions with assumptions and estimation uncertainties are discussed in the table to the right.
Provisions
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Balance as of December 31, 2023
666
1,227
1,512
3,405
Provisions made during the year
229
1,013
81
1,323
Provisions used during the year
-58
-657
-190
-905
Provisions reversed during the year
-25
-9
-53
-88
Currency translation differences
13
1
-59
-46
Balance as of December 31, 2024
825
1,574
1,291
3,690
Provisions made during the year
264
279
317
860
Provisions used during the year
-55
-1,252
-36
-1,343
Provisions reversed during the year
-104
0
-52
-156
Reclassifications
0
0
27
27
Currency translation differences
-6
-2
-19
-27
Balance as of December 31, 2025
924
599
1,526
3,050
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Expected timing of payments
Payment within one year
182
1,424
169
1,775
Payment after one year
643
150
1,122
1,915
Total as of December 31, 2024
825
1,574
1,291
3,690
Payment within one year
76
576
259
911
Payment after one year
848
23
1,268
2,139
Total as of December 31, 2025
924
599
1,526
3,050
Warranties
The provision for warranties relates to expected re-work for products and services delivered to customers.
The warranty period is normally two to five years. The provision is based on the historical average warranty
expense for each type of equipment and an assessment of the value of delivered products and services
currently in the warranty period. The provision can also be a higher or lower amount following a specific
evaluation of the actual circumstances for each contract. The final warranty cost may differ from the
estimated warranty provision. Warranty provisions in 2024 and 2025 include amounts related to the
disposed subsea business that was contributed into SLB OneSubsea. Aker Solutions is responsible for
possible warranty claims related to subsea deliveries before the transaction.
Onerous Contracts
The provision includes onerous customer contracts with expected losses upon completion. The provision is
mainly driven by legacy lump sum projects contracted in 2021. The cost in the projects have been impacted
by increased commodity prices and supply chain constraints driven by the war in Ukraine, changes in designs
and increased carry-over work from a subcontractor.
Note 19 continues on next page
Note 19 Provisions and Contingent Liabilities cont.
Other
Other provisions relate to other liabilities with uncertain timing or amount. This includes provisions related to
certain indemnities given in relation to the disposal of the subsea operations in 2023 of NOK 982 million
(NOK 978 million in 2024) reported as part of the result from discontinued operations in 2023. The subsea
related provision includes the ICMS tax claim in Brazil and is dependent on the administrative and legal
proceedings. The timing of a final decision is difficult to determine and it could take five to ten years before a
final decision is made. The subsea related provision also includes provision for unavoidable costs during the
next ten years on premises remaining in Aker Solutions after the disposal of subsea operations.
Other provisions includes provisions for restructuring, mainly in Norway and the UK. Total amount included in
other provisions amount to NOK 223 million for 2025 (0 in 2024). Provision for gratitude pensions of NOK 27
million related to prior years have been reclassified from pension liability to other provisions in 2025.
Other provisions also include provisions for claims, leasehold dilapidations, tax and certain employee
benefits.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
Financial Reporting Principles
A provision is a liability with uncertain timing and amount. Provisions are recognized when cash outflow is
considered probable, the amount can be reliably estimated and the obligation is a result of a past event. All
provisions are presented as short-term as they are part of the operating cycle.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
A contingent liability is a possible obligation that arises from past events that typically depends on a future
event outside of the company's control, for example a court decision. A provision is made when it is
considered as probable that cash outflow will take place, and the obligation can be measured reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "Trade and Other Payables
Trade and Other Payables
Amounts in NOK million
2025
2024
Trade creditors
3,421
2,744
Trade creditors, related parties
1,896
25
Trade payables
5,317
2,769
Accrued operating costs
5,748
7,403
Public duties and taxes
945
993
Other current liabilities
1,141
1,015
Other payables
7,834
9,411
Total
13,151
12,180
Accrued operating costs mainly relate to cost accruals in projects, salary and holiday pay for own employees
and cost for hired in personnel and was impacted by high activity level in 2025 and 2024. Accrued operating
costs at year end 2024 included NOK 1.3 billion related to cost not yet invoiced by joint venture in Dubai.
Trade creditors include NOK 13 million as of December 31, 2025 (NOK 10 million in 2024)
due after one year.
See note 3 for more information about customer contract liabilities
See note 27 for more information about payables to related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
Trade and Other Payables
Amounts in NOK million
2025
2024
Trade creditors
3,421
2,744
Trade creditors, related parties
1,896
25
Trade payables
5,317
2,769
Accrued operating costs
5,748
7,403
Public duties and taxes
945
993
Other current liabilities
1,141
1,015
Other payables
7,834
9,411
Total
13,151
12,180
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "Financial Risk Management and Exposures
The objective of financial risk management is to manage and control financial risk exposures to increase the
predictability of earnings and minimize potential adverse effects on the company\u2019s financial performance from
volatility in financial markets. The most prominent financial risk for Aker Solutions is currency exposure arising
from costs and revenues in foreign currency. Aker Solutions uses derivatives to hedge currency risk exposures and
aims to apply hedge accounting whenever possible in order to reduce the volatility resulting from the periodic
market-to-market revaluation of financial instruments in the income statement. The company is also exposed to
interest rate risk, credit risk, liquidity risk and price risk.
Risk Management
Risk management of financial risks is performed in every project and is the responsibility of the project
manager. They cooperate with local finance managers and treasury to identify, evaluate and hedge financial
risks in line with governing documents approved by the Board of Directors. The company has well-
established procedures for overall risk management, as well as procedures for the use of derivatives and
financial investments.
Geopolitical unrest
An unstable geopolitical situation has increased volatility and risk in financial markets over the recent years.
The geopolitical situation remains uncertain, and continues to negatively affect prices and financial markets.
\u25fc Currency risk: Volatility in the currency market remains high. Aker Solutions uses currency variation
clauses, multi-currency contract formats, escalation mechanisms, contingency buffer included in tender
prices, and currency options to mitigate contingent currency exposures in tenders.
\u25fc Credit risk: Operational challenges due to restrictions on mobility, volatile commodity prices and the
ongoing transition towards renewable energy has increased credit risk in the energy sector. Due to a
predominance of large international energy companies with a relatively low credit risk in its customer
base, the exposure for Aker Solutions to this increased credit risk is limited.
\u25fc Liquidity risk: The current market uncertainty has increased the liquidity risk. However, solid order
backlog and strong cash generation from operations have contributed to a strong balance sheet and
visibility.
Currency Risk
Aker Solutions has international operations and is exposed to currency risk on commercial transactions,
assets and liabilities when payments and revenues are denominated in a currency other than the functional
currency of the respective entity. The company's exposure to currency risk is primarily related to USD, EUR
and GBP. The company's primary translation risk is related to USD, EUR and GBP.
Use of Currency Derivatives
The Aker Solutions' governing procedures require all entities to identify and mitigate currency exposure in all
contracts. Aker Solutions manages the currency risk in the tender period either by including currency clauses
in the tender, entering into derivative instruments or including a contingency in the tender price. All entities
identify and hedge their exposure with the Corporate treasury department. The Corporate treasury
department manages the overall currency exposures based on well established currency risk strategy and
procedures.
Each entity designates all foreign currency hedge contracts with treasury as cash flow hedges or as hedges
of separate embedded derivatives. Treasury enters into external foreign exchange contracts separately for
revenue and cost exposure. The overarching strategy is that 80 percent of the value of the hedging
instruments shall either qualify for hedge accounting or be hedges of separate embedded derivatives.The
qualifying portion of hedges was 92 percent as of December 31, 2025. Treasury monitors hedges not
qualifying for hedge accounting and non-qualifying hedges are reported in the \"other\" segment. Currency
exposure from long-term investments in foreign currencies is only hedged when specifically instructed by
management. A net-investment hedge to mitigate the foreign exchange risk associated with parts of Aker
Solutions\u2019 investments denominated in USD has been in place since 2024.
Non-Convertible Currencies
Aker Solutions operates in some jurisdictions where regulations and requirements may limit the convertibility
of local currency and restrict free flow of cash. Mitigating actions are taken to minimize the currency
exposure. However, Aker Solutions has historically experienced currency exposures in such jurisdictions
where no means of hedging has been available.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont
Exposure to Currency Risk
The net exposure as of December 31 is shown in the following table. A bank deposit in a currency different
than the functional currency of the entity represent an exposure for the group. A negative amount on bank
deposits represent an overdraft for the entities. Estimated forecasted cash flows in the table are calculated
based on the entity's hedge transactions with treasury, as these are considered to be the best estimate of
future revenue and cost in foreign currencies. The net exposure is closely monitored by treasury.
2025
2024
Amounts in million
USD
EUR
GBP
USD
EUR
GBP
Bank deposits
-77
-35
-114
-150
-128
-165
Intercompany and related parties deposits (+) and loan (-)
-59
-1
-1
-73
0
-1
Balance sheet exposure
-136
-37
-115
-223
-128
-166
Forecasted receipts from customers
31
283
10
11
90
22
Forecasted payments to vendors
-42
-40
-15
-31
-64
-14
Cash flow exposure
-11
243
-6
-20
26
8
Forward exchange contracts
146
-206
121
240
102
157
Net exposure in currency
0
0
0
-3
0
-1
Net exposure in NOK
-4
-1
1
-30
-4
-13
Treasury is allowed to hold positions within an approved trading mandate. The currency exposures in USD,
EUR and GBP per December 31, 2025 and 2024, were within the trading mandate.
Sensitivity Analysis - Fair Value of Financial Instruments
A change in currency rate impacts the value of monetary assets and liabilities resulting in gains and losses
for the subsidiaries and the group. Items such as accounts receivables and accounts payables are either
hedged naturally through our customer and supplier contracts or they are hedged with foreign currency
derivatives. The material foreign exchange exposure for the group lies in the 20 percent ownership of SLB
OneSubsea and the ownership of shares in SLB. Part of the foreign exchange exposure of the ownership in
SLB OneSubsea has been hedged with foreign exchange forward contracts. The impact on net income and
equity from the ownership of these assets have the following effects from a 15 percent strengthening of USD:
USD 15 percent strengthening
USD million
NOK million
Income (loss)
before tax
NOK million
Equity increase
(decrease)
OneSubsea Investments UK Ltd
409
0
617
OneSubsea LLC
89
0
135
Shares in SLB1
194
293
293
Forward foreign exchange contracts for SLB
OneSubsea investments
-121
0
-183
1) Shares in SLB have been disposed after December 31, 2025.
Credit Risk
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial
instruments fails to meet contractual obligations.
Investment Instruments and Derivatives
Investment instruments, loans, credit facilities and derivatives are only conducted with approved
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA documentation). All
approved banks are participants in the Aker Solutions loan syndicate and have investment grade ratings.
Credit risk related to investment securities and derivatives is therefore considered to be low.
Trade Receivables and Contract Assets
Assessment of credit risk related to customers and subcontractors is an important requirement in the bid
phase and throughout the contract period. Such assessments are based on credit ratings, income statement
and balance sheet reviews and using credit assessment tools available (e.g. BvD Procurement Catalyst).
Revenues are mainly related to large and long-term projects closely followed up in terms of payments in
accordance with agreed milestones. Normally, lack of payment is due to disagreements related to project
deliveries and is solved together with the customer.
Aker Solutions\u2019 major customers are highly rated energy companies where the credit risk is considered to be
limited. Risk related to lower rated companies is monitored closely. The maximum exposure to credit risk at
the reporting date equals the book value of each category of financial assets. The company does not hold
collateral as security.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont
Measurement of Expected Credit Losses (ECLs)
Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company considers a
financial asset to be in default when the borrower is unlikely to pay its credit obligation to the company in full. ECLs
are estimated probability-weighted net present value of future expected credit losses. ECLs are discounted at the
effective interest rate of the financial asset. Loss allowances for trade receivables, contract assets and lease
receivables are always measured at an amount equal to lifetime ECLs. Twelve month ECLs are used for interest-
bearing receivables and bank balances for which credit risk has not increased significantly since initial recognition.
At each reporting date, the company assesses whether any financial assets are credit-impaired. Evidence
that a financial asset is credit-impaired includes when invoices are more than 90 days past due without
agreed postponement, knowledge of significant financial difficulty of the customer or debtor or other
forward-looking information. The gross carrying amount of a financial asset is written off (either partially or in
full) to the extent that there is no realistic prospect of recovery. This is generally the case when the company
determines that the debtor does not have assets or sources of income that could generate sufficient cash
flows to repay the amounts subject to write-off.
Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial
liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity reserves to meet its liabilities when due.
Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an
adequate amount of committed credit facilities and the ability to close out market positions. Management
monitors rolling weekly and monthly forecasts of the company\u2019s liquidity reserve on the basis of expected
cash flow. Due to the dynamic nature of the underlying businesses, treasury maintains flexibility in funding by
maintaining availability under committed credit lines in addition to cash and liquid investments.
Financial Liabilities and the Period in which they Mature
2025
Amounts in NOK million
Book
value
Total
cash
flow1
6
months
and less
6-12
months
1-2 years
2-5
years
More
than 5
years
Financial instruments
56
56
27
9
19
0
0
Trade and other payables
13,151
13,151
13,136
2
0
9
4
Lease liabilities
3,135
3,866
403
354
594
1,071
1,444
Total liabilities
16,341
17,072
13,566
365
613
1,080
1,448
2024
Amounts in NOK million
Book
value
Total
cash
flow1
6
months
and less
6-12
months
1-2 years
2-5
years
More
than 5
years
Financial instruments
17
17
8
6
2
3
0
Trade and other payables
12,180
12,180
12,170
1
0
10
0
Lease liabilities
3,345
3,846
443
393
621
1,225
1,163
Total liabilities
15,542
16,043
12,621
400
623
1,237
1,163
1) Nominal currency value including interest.
Cash Pool Arrangements
The company policy for the purpose of optimizing availability and flexibility of cash within the company is to
operate centrally managed cash pooling arrangements. Such arrangements are either organized with a bank
as a service provider, or as a part of the operation of treasury. An important condition for the participants
(entities) in such cash pooling arrangements is that Aker Solutions as an owner of such pools is financially
viable and is able to prove its capability to service its obligations concerning repayment of any net deposits
made by entities. The company policy is not applied in countries where local laws prohibit international cash
pool arrangements, such as India, Congo and Canada.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont
Price Risk
The company is exposed to fluctuations in market prices both in the investment portfolio and in the operating
businesses related to individual contracts. The units are exposed to changes in market prices for raw
materials, equipment and wage inflation. This is managed in the bid process by locking in committed prices
from key vendors as basis for offers to customers or through escalation clauses with customers.
Guarantees
The company has provided the following guarantees on behalf of wholly owned subsidiaries and related
parties as of December 31 (all obligations are per date of issue):
\u25fc Non-financial parent company guarantees related to project performance on behalf of group companies
\u25fc Financial parent company indemnity guarantees for fulfillment of lease obligations, credits and loans
were NOK 6.6 billion (NOK 7.6 billion in 2024)
\u25fc Financial guarantees including counter guarantees for bank/surety bonds and guarantees for pension
obligations to employees were NOK 6.2 billion (NOK 6.2 billion in 2024)
Guarantee on Behalf of Akastor
Aker Solutions was demerged from Akastor in 2014, and parties in a demerger have joint liability according
to Norwegian law. If an obligation that arose prior to the completion of the demerger is not met by either
party, the other party will have secondary joint liability for such obligation. The remaining value of the
financial guarantees where Aker Solutions has a secondary joint liability was NOK 0.5 billion per December
31, 2025, compared to NOK 0.9 billion per December 31, 2024. There is only one guarantee remaining which
expires end of September 2027. There are no provisions related to the guarantee as the likelihood of any
payments related to the joint liability is considered to be low.
See note 13 for more information about trade and other receivables
See note 15 for more information about cash and available credit facility
See note 17 for more information about lease liabilities
See note 20 for more information about trade and other payables
See note 23 for more information about derivatives
See note 24 for more information about financial assets and liabilities
See note 29 for more information about the disposal of the shares in SLB
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
Credit Risk
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial
instruments fails to meet contractual obligations.
Investment Instruments and Derivatives
Investment instruments, loans, credit facilities and derivatives are only conducted with approved
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA documentation). All
approved banks are participants in the Aker Solutions loan syndicate and have investment grade ratings.
Credit risk related to investment securities and derivatives is therefore considered to be low.
Trade Receivables and Contract Assets
Assessment of credit risk related to customers and subcontractors is an important requirement in the bid
phase and throughout the contract period. Such assessments are based on credit ratings, income statement
and balance sheet reviews and using credit assessment tools available (e.g. BvD Procurement Catalyst).
Revenues are mainly related to large and long-term projects closely followed up in terms of payments in
accordance with agreed milestones. Normally, lack of payment is due to disagreements related to project
deliveries and is solved together with the customer.
Aker Solutions\u2019 major customers are highly rated energy companies where the credit risk is considered to be
limited. Risk related to lower rated companies is monitored closely. The maximum exposure to credit risk at
the reporting date equals the book value of each category of financial assets. The company does not hold
collateral as security.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont
Measurement of Expected Credit Losses (ECLs)
Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company considers a
financial asset to be in default when the borrower is unlikely to pay its credit obligation to the company in full. ECLs
are estimated probability-weighted net present value of future expected credit losses. ECLs are discounted at the
effective interest rate of the financial asset. Loss allowances for trade receivables, contract assets and lease
receivables are always measured at an amount equal to lifetime ECLs. Twelve month ECLs are used for interest-
bearing receivables and bank balances for which credit risk has not increased significantly since initial recognition.
At each reporting date, the company assesses whether any financial assets are credit-impaired. Evidence
that a financial asset is credit-impaired includes when invoices are more than 90 days past due without
agreed postponement, knowledge of significant financial difficulty of the customer or debtor or other
forward-looking information. The gross carrying amount of a financial asset is written off (either partially or in
full) to the extent that there is no realistic prospect of recovery. This is generally the case when the company
determines that the debtor does not have assets or sources of income that could generate sufficient cash
flows to repay the amounts subject to write-off.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial
liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity reserves to meet its liabilities when due.
Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an
adequate amount of committed credit facilities and the ability to close out market positions. Management
monitors rolling weekly and monthly forecasts of the company\u2019s liquidity reserve on the basis of expected
cash flow. Due to the dynamic nature of the underlying businesses, treasury maintains flexibility in funding by
maintaining availability under committed credit lines in addition to cash and liquid investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Price Risk
The company is exposed to fluctuations in market prices both in the investment portfolio and in the operating
businesses related to individual contracts. The units are exposed to changes in market prices for raw
materials, equipment and wage inflation. This is managed in the bid process by locking in committed prices
from key vendors as basis for offers to customers or through escalation clauses with customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "Capital Management
The objective of Aker Solutions' capital management policy is to optimize the capital structure to ensure
sufficient and timely funding over time to finance its activities at the lowest cost, in addition to investing in
projects and businesses which will increase the company's return on capital employed over time.
Investment Policy
Aker Solutions\u2019 capital management is based on a rigorous investment selection process which considers not
only Aker Solutions\u2019 weighted average cost of capital and strategic orientation, but also external factors such
as market expectations and extrinsic risk factors. This selection process is coupled with a centralized
approval process for all capital expenditures to be incurred by the group.
Funding Policy
Liquidity Planning
Aker Solutions has a strong focus on liquidity in order to meet its working capital needs short-term and to
ensure solvency for its financial obligations long-term. The group\u2019s internal guideline is to have a minimum
liquidity reserve of NOK 3 billion, including cash and undrawn committed credit facilities. As per December
31, 2025 the liquidity reserve amounted to NOK 8.7 billion compared to NOK 5.9 billion in the prior year. It
was composed of an undrawn committed credit facility, cash in bank accounts and bank deposits. The cash
position in Aker Solutions is still robust after the distribution of extraordinary dividend of NOK 10 billion in
December 2024.
Funding of Operations
Aker Solutions\u2019 funding policy states that all operating units will be funded through corporate treasury. This
ensures optimal availability and transfer of cash within the group, improved control of the group's capital
structure and optimized terms and conditions on funding of the group\u2019s operations. The group policy is not
applied in countries where local laws prohibit international cash pool arrangements.
Aker Solutions emphasizes financial flexibility and steers its capital structure to ensure a balance between
liquidity risk and refinancing risk. In this perspective, any loans and other external borrowings will be
renegotiated well in advance of their due date.
Aker Solutions aims to have a diversified mix of funding sources to obtain an optimal cost of capital. These
funding sources may include:
\u25fc The use of banks based on syndicated credit facilities or bilateral agreements
\u25fc The issue of debt instruments in the Norwegian debt capital market
\u25fc The issue of debt instruments in international capital markets
As per December 31, 2025 Aker Solutions did not have any drawn debt.
Debt Covenants
The group has an undrawn Revolving Credit Facility (RCF), maturing January 30, 2028. Total commitments
in the facility was increased under an Accordion Facility in the agreement from NOK 3 billion to NOK 5 billion
in December 2025. The facility is provided by a syndicate of ten banks which contains financial covenants
based on gearing and interest cover ratios. The terms and conditions include restrictions which are
customary for these kind of facilities, including inter alia negative pledge provisions, financial covenants and
restrictions related to acquisitions, disposals and mergers. There are also certain provisions of change of
controls included in the agreement. There are no restrictions for dividend payments and the facility is
unsecured. Interest terms for the revolving credit facility is 3 month NIBOR plus a fixed margin of 1.5 percent.
The margin applicable to the facility is determined by leverage ratio. Utilization fee applies based on utilized
portion of credit facility. Commitment fee is 35 percent of the margin.
All debt covenants are based on IFRS excluding the impact of IFRS 16. At year-end 2025, all ratios were well
within the covenants in the RCF.
Aker Solutions has the following debt covenants for the RCF:
\u25fc The company\u2019s gearing ratio shall not exceed 3.5, calculated from net debt to adjusted EBITDA
\u25fc The company\u2019s interest cover ratio shall not be less than 3.5, calculated from adjusted EBITDA to net
finance cost
Note 22 continues on next page
Note 22 Capital Management cont.
Gearing and Interest Cover Ratios at December 31
Amounts in NOK million
2025
2024
Gearing ratios
Non-current interest-bearing borrowings
0
0
Current interest-bearing borrowings
0
0
Gross interest-bearing debt
0
0
Cash and cash equivalents
3,715
2,860
Net debt
-3,715
-2,860
EBITDA excl. IFRS 161
4,406
3,973
Restructuring and other special items as defined in the loan agreement
188
41
Adjusted EBITDA
4,594
4,014
Gross interest-bearing debt/adjusted EBITDA
0
0
Net debt/adjusted EBITDA
-0.8
-0.7
Interest cover
Adjusted EBITDA excl. IFRS 161
4,594
4,014
Net interest expense as defined in the loan agreement
57
291
Adjusted EBITDA/Net finance cost
80.0
13.8
1) Excluding IFRS 16 means that leasing cost is reported as part of operating cost and included in EBITDA.
See note 21 for more information about financial risk management
See note 23 for more information about interest rate derivatives
See note 24 for more information about financial assets and liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "Derivative Financial Instruments
Aker Solutions has future cash flows to be settled in foreign currencies, and forward contracts are the most
commonly used derivative to hedge such exposures. The governing documents states that all foreign
exchange exposure shall be hedged or mitigated by other means. The overarching strategy is that 80
percent of the value of the hedging instruments shall either qualify for hedge accounting or be hedges of
separate embedded derivatives. Aker Solutions\u2019 interest rate exposure mainly arises from its cash position.
Aker Solutions has no external debt or outstanding interest rate swaps.
Financial Reporting Principles
Cash Flow Hedges of Foreign Currency
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In addition,
currency options are sometimes used to hedge exposures. In case of changes in the expected maturity
dates, currencies or amounts of the hedged items, corresponding derivatives are routinely adjusted (pre-
matured or rolled over), usually by means of currency swaps.
The hedged transactions in foreign currency subject to cash flow hedge accounting are highly probable
future transactions expected to occur at various dates during the next one to four years, depending on
progress of the projects and firm commitments. The derivatives are recognized initially and subsequently at
fair value in the balance sheet, and the effective portion of changes in the fair value is recognized in other
comprehensive income as a hedge reserve.
Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk and applies
a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and maturity of the
forward exchange contracts to align with the hedged item. The existence of an economic relationship
between the hedging instrument and hedged item is determined based on matching critical terms of their
respective cash flows. In addition, an assessment is made to determine whether the derivative designated in
each hedging relationship is expected to be, and has been, effective in offsetting changes in cash flows of
the hedged item by the hypothetical derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u25fc Any sequential change of timing of the hedged item;
\u25fc Change in the total amount of the hedge item; and
\u25fc Significant change in the counterparty's and Aker Solutions' credit risk
Aker Solutions designate some net positions in hedging relationships. Certain hedged transactions are not
accounted for by applying hedge accounting, primarily because internal hedged transactions are grouped
and netted before external hedge transactions are established. Changes in the fair value of derivatives will be
reported as financial income or expenses. Remaining derivatives not applying hedge accounting include
derivatives used by treasury to hedge the residual exposure of the company as part of its mandate through
currency forwards and foreign exchange swaps. In addition, Aker Solutions has designated forward
exchange contracts as net investment hedges to hedge foreign exchange risk related to the
USD\u2011denominated exposure embedded in its investment in SLB OneSubsea. As of December 31, 2025, the
company held forward exchange contracts with a nominal amount of USD 121 million designated as net
investment hedges. During 2025, roll\u2011over of these contracts resulted in positive cash effects of NOK 192
million.
Hedge accounting is discontinued with immediate recognition in finance income and expenses in the income
statement when a hedge no longer qualifies for hedge accounting, for example upon sale, expiration,
termination or when a forecasted transaction is no longer probable. The derivative financial instruments are
classified as current assets or liabilities as they are part of the operating cycle.
Foreign Currency as Embedded Derivatives
Embedded derivatives may exist in contracts with a currency other than the currency of the contracting
partners. The embedded derivative will under certain circumstances be separated and recognized at fair
value in the balance sheet and changes recognized in the income statement. These entries will result in
corresponding and opposite effects compared to the hedging instrument.
Aker Solutions applies the following separation criteria for embedded derivatives:
\u25fc The embedded derivative needs to be separated if the agreed payment is in a currency different from any
of the major contract parties' own functional currency, or
\u25fc that the contract currency is not considered to be commonly used for the relevant economic environment
Cash Flow Hedges of Interest Rates
Aker Solutions' interest exposure in 2025 has mainly been from the cash position, there has not been any
hedges of interest rates in 2025.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Fair Values and Maturity
The following table presents the fair value of the derivatives and a maturity analysis of the derivatives undiscounted cash flows. Given Aker Solutions hedging policy and the assumption that projects are cash neutral, this table
also indicates when the cash flows related to project expenses are expected to impact profit and loss. Project revenues are recognized over time according to the progress of the project. This may result in differences between
cash flow and revenue recognition. All material financial derivatives are held for hedging purpose.
2025
2024
Amounts in NOK million
Instruments
at fair value1
6 months or
less
6-12 months
1-2 years
Over 2 years
Instruments
at fair value1
6 months or
less
6-12 months
1-2 years
Over 2 years
Assets
Cash flow hedging instruments
7
5
1
1
0
56
3
52
1
0
Fair value adjustments to hedged instruments
-1
-1
0
0
0
-38
-2
-36
0
0
Fair value of net investments
8
8
0
0
0
0
0
0
0
0
Embedded derivatives in ordinary commercial contracts
1
0
0
0
0
5
5
0
0
0
Other financial instruments
19
19
0
0
0
83
77
6
0
0
Total financial instrument assets
33
31
1
1
0
106
83
22
1
0
Liabilities
Cash flow hedging instruments
-39
-11
-9
-19
0
-31
-11
-16
-2
-3
Fair value adjustments to hedged instruments
1
1
0
0
0
12
3
9
0
0
Embedded derivatives in ordinary commercial contracts
-2
-2
0
0
0
-1
-1
0
0
0
Other financial instruments
-16
-15
0
0
0
3
1
1
0
0
Total financial instrument liabilities
-56
-27
-9
-19
0
-17
-8
-6
-2
-3
Net financial instruments
-23
3
-8
-18
0
89
75
16
-1
-3
1) Cash flows from matured derivatives are translated to NOK using the exchange rates on the balance sheet date.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Forward Currency Contracts
The table below includes an overview of all open forward currency contracts. The forward currency contracts that does not qualify for hedge accounting are mainly cash management derivatives hedging cash deposits or
overdrafts in other currencies than NOK. Forward currency contracts for net investments hedge parts of the foreign currency exposure in our SLB OneSubsea investments.
Nominal foreign currency amounts in million
USD
EUR
GBP
Forward currency contracts qualifying for hedge accounting
0
-231
6
Forward currency contracts not qualifying for hedge accounting
146
25
115
Forward currency contracts net investment
-121
0
0
Total changes in fair value
25
-206
121
Unsettled Hedges
The table below shows the impact from the unsettled cash flow hedges on profit and loss and equity (not adjusted for tax).
2025
2024
Amounts in NOK million
Fair value of all
hedging instruments
Recognized in profit
and loss
Deferred in equity
(the hedge reserve)
Fair value of all
hedging instruments
Recognized in profit
and loss
Deferred in equity
(the hedge reserve)
Forward exchange contracts (cash flow hedges)
-32
-2
-30
24
22
2
The purpose of the hedging instrument is to secure a situation where the hedged item and the hedging instrument together represent a predetermined value independent of fluctuations of exchange rates. Revenue and
expenses on the underlying customer contracts are recognized in the income statement in accordance with progress. Consequently, NOK -2 million (NOK 22 million in 2024) of the value of the forward contracts have already
impacted the income statement. The NOK -30 million (NOK 2 million in 2024) that are currently recorded in the hedge reserve, will be reclassified to the income statement over the next years.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Hedge Reserve Movement
The table below shows the movement in the hedge reserve from changes in the cash flow hedges.
Amounts in NOK million
Hedge reserve
Balance as of January 1, 2024
-1
Forward currency
-16
Interest rate swaps
-7
Total changes in fair value
-23
Forward currency contracts
25
Interest rate swaps
1
Total amount reclassified to profit or loss
26
Tax on movements on reserves during the year
0
Balance as of December 31, 2024
2
Forward currency contracts
-59
Interest rate swaps
0
Total changes in fair value
-59
Forward currency contracts
28
Interest rate swaps
0
Total amount reclassified to profit or loss
28
Tax on movements on reserves during the year
7
Balance as of December 31, 2025
-23
See note 24 for more information about financial assets and liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
Financial Reporting Principles
Cash Flow Hedges of Foreign Currency
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In addition,
currency options are sometimes used to hedge exposures. In case of changes in the expected maturity
dates, currencies or amounts of the hedged items, corresponding derivatives are routinely adjusted (pre-
matured or rolled over), usually by means of currency swaps.
The hedged transactions in foreign currency subject to cash flow hedge accounting are highly probable
future transactions expected to occur at various dates during the next one to four years, depending on
progress of the projects and firm commitments. The derivatives are recognized initially and subsequently at
fair value in the balance sheet, and the effective portion of changes in the fair value is recognized in other
comprehensive income as a hedge reserve.
Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk and applies
a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and maturity of the
forward exchange contracts to align with the hedged item. The existence of an economic relationship
between the hedging instrument and hedged item is determined based on matching critical terms of their
respective cash flows. In addition, an assessment is made to determine whether the derivative designated in
each hedging relationship is expected to be, and has been, effective in offsetting changes in cash flows of
the hedged item by the hypothetical derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u25fc Any sequential change of timing of the hedged item;
\u25fc Change in the total amount of the hedge item; and
\u25fc Significant change in the counterparty's and Aker Solutions' credit risk
Aker Solutions designate some net positions in hedging relationships. Certain hedged transactions are not
accounted for by applying hedge accounting, primarily because internal hedged transactions are grouped
and netted before external hedge transactions are established. Changes in the fair value of derivatives will be
reported as financial income or expenses. Remaining derivatives not applying hedge accounting include
derivatives used by treasury to hedge the residual exposure of the company as part of its mandate through
currency forwards and foreign exchange swaps. In addition, Aker Solutions has designated forward
exchange contracts as net investment hedges to hedge foreign exchange risk related to the
USD\u2011denominated exposure embedded in its investment in SLB OneSubsea. As of December 31, 2025, the
company held forward exchange contracts with a nominal amount of USD 121 million designated as net
investment hedges. During 2025, roll\u2011over of these contracts resulted in positive cash effects of NOK 192
million.
Hedge accounting is discontinued with immediate recognition in finance income and expenses in the income
statement when a hedge no longer qualifies for hedge accounting, for example upon sale, expiration,
termination or when a forecasted transaction is no longer probable. The derivative financial instruments are
classified as current assets or liabilities as they are part of the operating cycle.
Foreign Currency as Embedded Derivatives
Embedded derivatives may exist in contracts with a currency other than the currency of the contracting
partners. The embedded derivative will under certain circumstances be separated and recognized at fair
value in the balance sheet and changes recognized in the income statement. These entries will result in
corresponding and opposite effects compared to the hedging instrument.
Aker Solutions applies the following separation criteria for embedded derivatives:
\u25fc The embedded derivative needs to be separated if the agreed payment is in a currency different from any
of the major contract parties' own functional currency, or
\u25fc that the contract currency is not considered to be commonly used for the relevant economic environment
Cash Flow Hedges of Interest Rates
Aker Solutions' interest exposure in 2025 has mainly been from the cash position, there has not been any
hedges of interest rates in 2025.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "Financial Assets and Liabilities
The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair
value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an
active market, whereas level three fair values are based on assumptions made by the company in the
absence of quoted prices.
The Fair Value Hierarchy
The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy. It does not include fair value information for financial assets
and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair
value.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u25fc Level 1: Fair values are based on prices quoted in an active market for identical assets or liabilities.
\u25fc Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from
observable market transactions in an active market for identical assets or liabilities. Level 2 includes
currency or interest derivatives and interest bonds, typically when the group uses forward prices on
foreign exchange rates or interest rates as inputs to valuation models.
\u25fc Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the
absence of quoted prices from an active market or other observable price inputs.
Note 24 continues on next page
Note 24 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2025
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI 1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
12
0
12
0
0
11
12
Non-current receivables
0
0
528
0
0
528
0
0
0
0
Trade and other receivables
0
0
8,267
0
0
8,267
0
0
0
0
Forward foreign exchange contracts
32
0
0
0
0
32
0
32
0
32
Fair value embedded derivatives
1
0
0
0
0
1
0
1
0
1
Current interest-bearing receivables
0
0
73
0
0
73
0
0
0
0
Financial investments
0
1,953
0
0
0
1,953
1,953
0
0
1,953
Cash and cash equivalents
0
0
3,715
0
0
3,715
0
0
0
0
Financial assets
33
1,953
12,583
12
0
14,580
1,953
33
11
1,997
Trade and other payables3
0
0
0
0
-9,627
-9,627
0
0
0
0
Lease liabilities
0
0
0
0
-3,135
-3,135
0
0
0
0
Forward foreign exchange contracts
-53
0
0
0
0
-53
0
-53
0
-53
Fair value embedded derivatives
-2
0
0
0
0
-2
0
-2
0
-2
Financial liabilities
-56
0
0
0
-12,763
-12,818
0
-56
0
-56
1) FVTPL is short for fair value through profit and loss. FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase
price.
3) Trade and other payables that are not financial liabilities at negative NOK 3,523 million in 2025 are not included.
Note 24 continues on next page
Note 24 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2024
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI 1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
16
0
16
3
0
14
16
Non-current receivables
0
0
824
0
0
824
0
0
0
0
Trade and other receivables
0
0
6,412
0
0
6,412
0
0
0
0
Forward foreign exchange contracts
101
0
0
0
0
101
0
101
0
101
Fair value embedded derivatives
5
0
0
0
0
5
0
5
0
5
Current interest-bearing receivables
0
0
142
0
0
142
0
0
0
0
Financial investments
0
2,197
0
0
0
2,197
2,197
0
0
2,197
Cash and cash equivalents
0
0
2,860
0
0
2,860
0
0
0
0
Financial assets
105
2,197
10,237
16
0
12,556
2,200
105
14
2,319
Trade and other payables3
0
0
0
0
-6,456
-6,456
0
0
0
0
Lease liabilities
0
0
0
0
-3,345
-3,345
0
0
0
0
Forward foreign exchange contracts
-16
0
0
0
0
-16
0
-16
0
-16
Fair value embedded derivatives
-1
0
0
0
0
-1
0
-1
0
-1
Financial liabilities
-17
0
0
0
-9,801
-9,818
0
-17
0
-17
1) FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase
price.
3) Trade and other payables that are not financial liabilities at negative NOK 5,724 million in 2024 are not included.
See note 13 for more information about trade and other receivables
See note 14 for more information about financial investments
See note 20 for more information about trade and other payables
See note 21 for more information about financial risk management
See note 23 for more information about derivatives
See note 26 for more information about other investments
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "Subsidiaries and NCIs
Subsidiaries: Aker Solutions has 56 subsidiaries in 24 countries at the reporting date. The number of countries where Aker Solutions had employees was 14 , whereas operations in 13 countries. The group holds the
majority of the shares in all subsidiaries except two, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company
Location
Country
Percent
Aker Solutions Enterprises, LDA
Luanda
Angola
49
C.S.E. Mec\u00e2nica e Instrumenta\u00e7\u00e2o Ltda
Curitiba
Brazil
100
Aker Solutions Sdn Bhd
Kuala Belait
Brunei
100
PTAS Aker Solutions Sdn Bhd
Kuala Belait
Brunei
75
Aker Solutions Asset Integrity and Management Canada Inc.
Newfoundland
Canada
100
Aker Solutions Canada Inc
Vancouver
Canada
100
Aker Solutions Marine Contractors Limited
St John's
Canada
100
Aker Solutions Hydropower Hangzhou Co Ltd
Hangzhou
China
100
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Finland Oy
Ulvila
Finland
100
Aker Solutions SAS
Paris
France
100
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions Ghana Holding Ltd
Accra
Ghana
100
Aker Solutions Deepwater Ghana Ltd
Accra
Ghana
80
Aker Powergas Pvt Ltd
Mumbai
India
100
Aker Engineering International Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Engineering Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions India Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Jana Megaton Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions BV
Zoetemer
Netherlands
100
Additech AS
Bergen
Norway
100
Aker Installation FP AS
Fornebu
Norway
100
Aker Insurance Services AS
Fornebu
Norway
100
Aker Security AS
Fornebu
Norway
100
Aker Solutions AS
Fornebu
Norway
100
Aker Solutions Financial Holding AS
Fornebu
Norway
100
Aker Solutions Holding AS
Fornebu
Norway
100
Alma Clean Power AS
Bergen
Norway
100
Benestad Solutions AS
Lierskogen
Norway
100
Kv\u00e6rner Resources AS
Fornebu
Norway
100
Company
Location
Country
Percent
Unitech Power Systems AS
Stavanger
Norway
100
Aker Solutions Poland Sp. z o.o.
Warsaw
Poland
100
Aker Solutions Gulf Services WLL
Doha
Qatar
49
Aker Solutions Saudi Arabia Co. Ltd.
Al-Khobar
Saudi Arabia
100
Aker Solutions Korea Co. Ltd
Geoje
South Korea
100
Aker Solutions Hydropower AB
Kristinehamn
Sweden
100
K Water AB
\u00d6rnsk\u00f6ldsvik
Sweden
100
Aker Solutions Hydropower Switzerland AG
Vaud
Switzerland
100
Aker Solutions Tanzania Ltd
Dar es Salaam
Tanzania
100
Aker Solutions Hydro Enerji Limited Sirketi
Istanbul
Turkey
100
Aker Engineering and Technology Ltd
London
UK
100
Aker Engineering Malaysia Ltd
Leeds
UK
100
Aker Offshore Partner Ltd
Aberdeen
UK
100
Aker Solutions DC Trustees Ltd
London
UK
100
Aker Solutions EAME Limited
Aberdeen
UK
100
Aker Solutions Enterprises International (UK) Limited
London
UK
100
Aker Solutions Holding Limited
Aberdeen
UK
100
Aker Solutions Ltd
Maidenhead
UK
100
Kvaerner Contracting Ltd
London
UK
100
Aker Solutions Energy Solutions FZE
Dubai Maritime City
UAE
100
Aker Solutions Inc.
Houston
USA
100
Aker Solutions USA Corporation
Houston
USA
100
Kvaerner Americas Holdings Inc
Canonsburg
USA
100
Kvaerner Renewables US LLC
Canonsburg
USA
100
Note 25 continues on next page
Note 25 Subsidiaries and NCIs cont.
Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in two subsidiaries as shown in the table above and
has control over relevant activities through shareholders agreements. The subsidiaries are fully consolidated.
Non-controlling interest represent equity interest in subsidiaries held by other owners than Aker Solutions.
Non-controlling interest share of profit and equity is presented separately in the income statement and in the
balance sheet.
The following entities are not legally transferred to SLB OneSubsea due to delayed closing. The subsea
business in these entities are not consolidated as Aker Solutions does not have control of operations or
rights to cash generations.
Company
Location
Country
Aker Solutions Congo SA
Point-Noire
Congo
Aker Solutions Ghana Ltd
Accra
Ghana
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "Subsidiaries and NCIs
Subsidiaries: Aker Solutions has 56 subsidiaries in 24 countries at the reporting date. The number of countries where Aker Solutions had employees was 14 , whereas operations in 13 countries. The group holds the
majority of the shares in all subsidiaries except two, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company
Location
Country
Percent
Aker Solutions Enterprises, LDA
Luanda
Angola
49
C.S.E. Mec\u00e2nica e Instrumenta\u00e7\u00e2o Ltda
Curitiba
Brazil
100
Aker Solutions Sdn Bhd
Kuala Belait
Brunei
100
PTAS Aker Solutions Sdn Bhd
Kuala Belait
Brunei
75
Aker Solutions Asset Integrity and Management Canada Inc.
Newfoundland
Canada
100
Aker Solutions Canada Inc
Vancouver
Canada
100
Aker Solutions Marine Contractors Limited
St John's
Canada
100
Aker Solutions Hydropower Hangzhou Co Ltd
Hangzhou
China
100
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Finland Oy
Ulvila
Finland
100
Aker Solutions SAS
Paris
France
100
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions Ghana Holding Ltd
Accra
Ghana
100
Aker Solutions Deepwater Ghana Ltd
Accra
Ghana
80
Aker Powergas Pvt Ltd
Mumbai
India
100
Aker Engineering International Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Engineering Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions India Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Jana Megaton Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions BV
Zoetemer
Netherlands
100
Additech AS
Bergen
Norway
100
Aker Installation FP AS
Fornebu
Norway
100
Aker Insurance Services AS
Fornebu
Norway
100
Aker Security AS
Fornebu
Norway
100
Aker Solutions AS
Fornebu
Norway
100
Aker Solutions Financial Holding AS
Fornebu
Norway
100
Aker Solutions Holding AS
Fornebu
Norway
100
Alma Clean Power AS
Bergen
Norway
100
Benestad Solutions AS
Lierskogen
Norway
100
Kv\u00e6rner Resources AS
Fornebu
Norway
100
Company
Location
Country
Percent
Unitech Power Systems AS
Stavanger
Norway
100
Aker Solutions Poland Sp. z o.o.
Warsaw
Poland
100
Aker Solutions Gulf Services WLL
Doha
Qatar
49
Aker Solutions Saudi Arabia Co. Ltd.
Al-Khobar
Saudi Arabia
100
Aker Solutions Korea Co. Ltd
Geoje
South Korea
100
Aker Solutions Hydropower AB
Kristinehamn
Sweden
100
K Water AB
\u00d6rnsk\u00f6ldsvik
Sweden
100
Aker Solutions Hydropower Switzerland AG
Vaud
Switzerland
100
Aker Solutions Tanzania Ltd
Dar es Salaam
Tanzania
100
Aker Solutions Hydro Enerji Limited Sirketi
Istanbul
Turkey
100
Aker Engineering and Technology Ltd
London
UK
100
Aker Engineering Malaysia Ltd
Leeds
UK
100
Aker Offshore Partner Ltd
Aberdeen
UK
100
Aker Solutions DC Trustees Ltd
London
UK
100
Aker Solutions EAME Limited
Aberdeen
UK
100
Aker Solutions Enterprises International (UK) Limited
London
UK
100
Aker Solutions Holding Limited
Aberdeen
UK
100
Aker Solutions Ltd
Maidenhead
UK
100
Kvaerner Contracting Ltd
London
UK
100
Aker Solutions Energy Solutions FZE
Dubai Maritime City
UAE
100
Aker Solutions Inc.
Houston
USA
100
Aker Solutions USA Corporation
Houston
USA
100
Kvaerner Americas Holdings Inc
Canonsburg
USA
100
Kvaerner Renewables US LLC
Canonsburg
USA
100
Note 25 continues on next page
Note 25 Subsidiaries and NCIs cont.
Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in two subsidiaries as shown in the table above and
has control over relevant activities through shareholders agreements. The subsidiaries are fully consolidated.
Non-controlling interest represent equity interest in subsidiaries held by other owners than Aker Solutions.
Non-controlling interest share of profit and equity is presented separately in the income statement and in the
balance sheet.
The following entities are not legally transferred to SLB OneSubsea due to delayed closing. The subsea
business in these entities are not consolidated as Aker Solutions does not have control of operations or
rights to cash generations.
Company
Location
Country
Aker Solutions Congo SA
Point-Noire
Congo
Aker Solutions Ghana Ltd
Accra
Ghana
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Note 26 Investments in Companies
Financial Reporting Principles
Other investments are those entities in which the company does not have significant influence. These are
usually entities where the company holds less than twenty percent of the voting power. Such investments are
designated as equity securities at fair value through other comprehensive income (FVOCI) as they represent
long-term strategic investments. When the investments are sold, the accumulated gain or loss in equity is not
reclassified to the income statement. The loss recognized in OCI in 2025 was NOK 0 million (loss of NOK 2
million in 2024). Unlisted shares are usually measured at cost less impairment, as this is assumed to be the
best estimate of fair value.
See note 3 for more information about other income
See note 7 for more information about financial income and expense
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Note 26 Investments in Companies
Financial Reporting Principles
Joint ventures are those entities where the company has joint control and rights to net assets. Associates are
those entities where the company has significant influence, but not control or joint control (usually between
twenty and fifty percent of the voting power). Interests in joint ventures and associates are accounted for
using the equity method. The investments are initially recognized at cost (including transaction costs) and
subsequently increased or decreased to recognize the share of the profit or loss. The profit or loss for the
equity-accounted investees is presented as part of total revenue when the operations are closely linked to
the current operations of Aker Solutions, otherwise they are presented as financial income.
Investments in Companies
The company has recognized the following balances for its investment in other companies:
Amounts in NOK million
2025
2024
Joint Ventures and Associates
7,007
7,870
Other investments
12
16
Total investment in companies
7,018
7,886
Joint Ventures and Associates (Equity Accounted Investees)
The company had 14 equity-accounted investments as of December 31, 2025. Ownership percentage equals
the percentage of voting shares.
Name of company
Office
Percent
Type
Kiewit-Kvaerner Contractors (KKC)
Newfoundland, Canada
50.0%
Joint venture
KDS JV AS
Fornebu, Norway
50.0%
Joint venture
EPE Eigedom AS
Stord, Norway
50.0%
Joint venture
Eld\u00f8yane N\u00e6ringspark AS
Stord, Norway
50.0%
Joint venture
Rosebank JV Ltd
Dubai, United Arab Emirates
50.0%
Joint venture
AKSO DDW HVDC JV Limited
Dubai, United Arab Emirates
50.0%
Joint venture
Concrete Structures AS
Fornebu, Norway
50.0%
Associate
Siva Verdal Eiendom AS
Trondheim, Norway
46.0%
Associate
Bemlotek AS
Fornebu, Norway
24.6%
Associate
Windstaller Alliance AS
Fornebu, Norway
33.3%
Associate
Team Aker D\u00e6hli AS
Fornebu, Norway
33.3%
Associate
OneSubsea LLC
Houston, USA
20.0%
Associate
OneSubsea Processing AS
Sandsli, Norway
20.0%
Associate
OneSubsea Investments UK Ltd
London, UK
20.0%
Associate
Note 26 continues on next page
Note 26 Investment in Companies cont.
The following table provides a summary of changes in carrying value for Aker Solutions joint ventures and
associates.
2025
2024
Amounts in NOK million
SLB
OneSubsea
Other
Total
SLB
OneSubsea
Other
Total
Equity accounted investees per January 1
7,761
109
7,870
6,468
88
6,555
Acquisition
0
0
0
0
35
35
Share of net profit included in other
income
749
7
757
789
1
790
Other comprehensive income
115
0
115
-170
0
-170
Reclassification from other investments
0
9
9
0
-14
-14
Dividends received
-841
-12
-853
-77
-2
-78
Currency translation differences1
-888
-3
-891
751
1
752
Equity accounted investees per
December 31
6,897
110
7,007
7,761
109
7,870
1)NOK -888 million (NOK 751 million in 2024) consist of NOK -784 million (NOK 666 million in 2024) in translation differences of
the equity accounted investees, while the remaining NOK -105 million (NOK 84 million in 2024) relates to translation of Aker
Solutions Inc which holds the investment in OneSubsea LLC and is reported as translation differences related to other foreign
operations in OCI.
Significant Associates
SLB OneSubsea is operating in the subsea business and consists of three separate legal entities; OneSubsea
LLC, OneSubsea Processing AS and OneSubsea Investments UK Ltd. The legal entities are established in the
US, Norway and the UK. These entities are considered material for Aker Solutions. Aker Solutions Inc owns
the partnership interests in OneSubsea LLC which is a transparent entity for income tax purposes in the US.
The following table summarizes financial information for the entities at a consolidated level. The figures are
at the same basis as used in the group financial statements and represents an IFRS conversion of SLB
OneSubsea\u2019s consolidated income statement and balance sheet prepared in accordance with US GAAP. The
financial information includes allocation of excess values recognized from assets contributed by SLB and
Aker Solutions. All amounts are for the consolidated entities at a 100 percent basis.
Amounts in NOK million
2025
2024
Current assets
31,183
33,140
Non-current assets
33,567
38,206
Current liabilities
25,626
27,147
Non-current liabilities
4,632
5,385
Net assets
34,492
38,814
Aker Solutions' share of equity (20%)
6,897
7,761
Amounts in NOK million
2025
2024
Revenue
39,798
41,878
Net profit
3,746
3,952
Other comprehensive income
576
-849
Total comprehensive income
4,322
3,103
See note 3 for more information about other income
See note 7 for more information about financial income and expense
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Financial Reporting Principles
Joint ventures are those entities where the company has joint control and rights to net assets. Associates are
those entities where the company has significant influence, but not control or joint control (usually between
twenty and fifty percent of the voting power). Interests in joint ventures and associates are accounted for
using the equity method. The investments are initially recognized at cost (including transaction costs) and
subsequently increased or decreased to recognize the share of the profit or loss. The profit or loss for the
equity-accounted investees is presented as part of total revenue when the operations are closely linked to
the current operations of Aker Solutions, otherwise they are presented as financial income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Other investments are those entities in which the company does not have significant influence. These are
usually entities where the company holds less than twenty percent of the voting power. Such investments are
designated as equity securities at fair value through other comprehensive income (FVOCI) as they represent
long-term strategic investments. When the investments are sold, the accumulated gain or loss in equity is not
reclassified to the income statement. The loss recognized in OCI in 2025 was NOK 0 million (loss of NOK 2
million in 2024). Unlisted shares are usually measured at cost less impairment, as this is assumed to be the
best estimate of fair value.
See note 3 for more information about other income
See note 7 for more information about financial income and expense
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Note 27 Related Parties and Key Management
Compensation
Compensation to Key Management
The key management personnel of Aker Solutions include the Board of Directors and the executive
management team. Refer to further description about management compensation in the Management
Remuneration Report available at www.akersolutions.com/corporate-governance.
Amounts in NOK million
2025
2024
Salaries and wages including holiday allowance
65
58
Social security contributions
10
9
Pension cost
2
2
Termination benefits
0
0
Share-based payments
3
3
Other employee benefits
0
0
Total compensation to key management personnel
80
71
The below table shows the shareholding of Aker Solutions\u2019 Board of Directors and the President and Chief
Executive Officer per December 31, 2025.
Name
Role
Shareholding as of
December 31, 20251
Shareholding as of
December 31, 20241
Kjetel Digre
President and Chief
Executive Officer
223,219
166,527
Leif-Arne Lang\u00f8y
Chairman
159,426
159,426
\u00d8yvind Eriksen2
Deputy Chairman
0
0
Kjell Inge R\u00f8kke3
Director
0
0
Birgit Aagaard-Svendsen
Director
90,000
90,000
Lone F\u00f8nss Schr\u00f8der
Director
0
0
Elisabeth T\u00f8rstad
Director
2,000
2,000
Jan Arve Haugan
Director
136,527
136,527
Hilde Karlsen
Director, employee elected
33,896
29,849
Line Sm\u00e5ge Breidablikk
Director, employee elected
2,182
1,755
Arne Christian R\u00f8dby
Director, employee elected
3,258
2,090
Stian Pettersen Sagvold4, 5
Director, employee elected
N/A
515
Sigurd S\u00e6vareid6
Director, employee elected
0
0
Total
650,508
588,689
1)The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties.
2)\u00d8yvind Eriksen owned 219,614 shares in Aker ASA and 100,000 B-shares (0.2 percent) in TRG Holding AS. Aker ASA, through a
subsidiary owns 39 percent of Aker Solutions (not adjusted for shares owned by Aker Solutions).
3)Kjell Inge R\u00f8kke owns and controls The Resource Group AS, which controls 68 percent of Aker ASA, which through a subsidiary
owns 39 percent of Aker Solutions (not adjusted for shares owned by Aker Solutions).
4)Replaced by Sigurd S\u00e6vareid in September 2025.
5)Stian Pettersen Sagvold held 661 shares as of September 1, 2025, at the end of his term on the Board of Directors.
6)Replaced Stian Pettersen Sagvold in September 2025.
See note 13 for more information about customer contract assets and receivables
See note 17 for more information about leasing contracts
See note 20 for more information about trade and other payables
See note 25 for more information about subsidiaries
See note 26 for more information about joint arrangements and associates
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "Related Parties and Key Management
Compensation
Financial Reporting Principles
Related party relationships are defined to be entities under joint control or significant influence by Aker
Solutions, and companies outside the Aker Solutions group that are under control (either directly or
indirectly) or joint control by the owners having significant influence over Aker Solutions. The management
and the Board of Aker Solutions are also related parties.
Related Parties of Aker Solutions
The largest shareholder of Aker Solutions is Aker Holdings AS, which is wholly-owned by Aker ASA. Aker
Solutions is an associate of Aker ASA, and entities controlled by Aker ASA and entities which Kjell Inge
R\u00f8kke and his close family controls through The Resource Group TRG AS are considered related parties to
Aker Solutions. These entities include companies like Aize and Cognite and are referred to as Aker entities in
this note. Companies that are associates of Aker ASA or The Resource Group TRG AS are not considered
related parties of Aker Solutions, such as Akastor and Aker BP.
Related party relationships also include entities under joint control or significant influence by Aker Solutions.
SLB OneSubsea is an associate of Aker Solutions and defined as a related party. Non-controlling interests
with significant influence are also considered as related parties of Aker Solutions.
Related parties are in a position to enter into transactions with the company that would potentially not be
undertaken between unrelated parties. Transactions with related parties are based on negotiations between
the parties, and management believes that the agreed prices is a fair approximation to arms length prices.
Note 27 continues on next page
\"NOTE27.jpg\"
Note 27 Related Parties cont.
Transactions and Balances with Related Parties
2025
2024
Amounts in NOK million
Aker and TRG
companies
Joint ventures
and associates
Total
Aker and TRG
companies
Joint ventures
and associates
Total
Income statement
Operating revenues
33
2,848
2,881
77
3,221
3,299
Operating costs
-158
-222
-380
-486
-567
-1,053
Depreciation and impairment of ROU assets
-24
-14
-38
-36
-14
-50
Net financial items
14
0
14
89
0
89
Balance sheet
Right-of-use (ROU) assets
46
41
87
298
53
351
Trade receivables
5
587
592
5
337
342
Non-current interest-bearing receivables1
198
0
198
191
0
191
Current interest-bearing receivables
0
0
0
0
19
19
Non-current leasing liabilities
-31
-33
-64
-445
-44
-490
Trade payables
-2
-1,894
-1,896
-1
-25
-25
Current leasing liabilities
-16
-13
-29
-56
-12
-68
1)Aker Solutions has provided NOK 160 million in loans to Aker Pensjonskasse, with accumulated accrued interest of NOK 38 million recognized in the receivable. Aker Solutions has committed to provide
additionally NOK 80 million subject to funding requirements.
Note 27 continues on next page
Note 27 Related Parties cont.
Significant Related Parties Transactions
Aker Solutions has transactions with related parties on a recurring basis as part of normal business. In 2025,
Aker Solutions purchased Additech AS from Clara Venture Labs AS and in 2024 Alma Clean Power AS from
Clara Ventures AS, companies owned by Aker Capital AS, of respectively NOK 29.2 million and NOK 28.6
million.
Aker Solutions has previously leased industrial properties owned by Kjell Inge R\u00f8kke through TRG AS. The
industrial properties were sold from TRG AS to Public Property Invest AS (PPI) in the second quarter in 2025.
The leasing cost for 2025 was NOK 22 million (NOK 71 million in 2024). PPI is an associated company for
Aker ASA and hence not a related party for Aker Solutions. Leasing cost after the second quarter is not
reported as related party cost.
See note 13 for more information about customer contract assets and receivables
See note 17 for more information about leasing contracts
See note 20 for more information about trade and other payables
See note 25 for more information about subsidiaries
See note 26 for more information about joint arrangements and associates
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Financial Reporting Principles
Related party relationships are defined to be entities under joint control or significant influence by Aker
Solutions, and companies outside the Aker Solutions group that are under control (either directly or
indirectly) or joint control by the owners having significant influence over Aker Solutions. The management
and the Board of Aker Solutions are also related parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "Aker ASA.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Compensation to Key Management
The key management personnel of Aker Solutions include the Board of Directors and the executive
management team. Refer to further description about management compensation in the Management
Remuneration Report available at www.akersolutions.com/corporate-governance.
Amounts in NOK million
2025
2024
Salaries and wages including holiday allowance
65
58
Social security contributions
10
9
Pension cost
2
2
Termination benefits
0
0
Share-based payments
3
3
Other employee benefits
0
0
Total compensation to key management personnel
80
71
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PwC is the auditor of the group. The table below presents expenses for audit and other services to the
auditor.
Aker Solutions
ASA
Subsidiaries
Total
Amounts in NOK million (excl. VAT)
2025
2024
2025
2024
2025
2024
Audit
3.8
3.8
9.1
9.7
12.9
13.5
Other assurance services
4.1
1.6
0.8
1.3
4.9
2.9
Tax services
0.0
0.0
0.4
0.4
0.4
0.4
Other non-audit services
0.0
1.2
7.8
6.5
7.8
7.7
Total
7.9
6.6
18.1
17.9
26.0
24.5
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Disposal of Shares in SLB
Subsequent to the reporting period, Aker Solutions sold its entire shareholding in SLB. The shares were
received as part of the consideration related to the establishment of SLB OneSubsea.
A total of 5,057,706 shares were sold during the period February 4 to February 11, 2026 at an average price
of USD 50.43 per share, resulting in gross proceeds of USD 255 million.
As the transaction occurred after the reporting period, it has not been reflected in the financial statements as
of December 31, 2025.
As a result of the settlement of the SLB shares, the Board of Directors have proposed an extraordinary cash
dividend of NOK 5.0 per share to be paid out on April 27, 2026, pending approval in the Annual General
Meeting April 16, 2026.
Geopolitical Developments in the Middle East
In 2026, the world has seen a new escalation of military conflicts in the Middle East after USA\u2019s and Israel\u2019s
attack on Iran at the end of February. Iran\u2019s response has included strikes on infrastructure in nearby Gulf-
countries. The conflict has effects on the global energy markets, on international value chains, and on
companies in the region that Aker Solutions have extensive collaboration with.
Aker Solutions maintains operational presence in the Middle East with ongoing projects in the United Arab
Emirates. Several construction projects are being executed in collaboration with a joint venture partner on a
subcontractors yard in Dubai. Aker Solutions is engaged in fabrication and construction activities, through
our legal entity Aker Solutions Energy Solutions FZE with seconded employees from Norway, UK, India and
Canada. The company had 76 employees including families stationed in the area. In response to the
escalating situation, Aker Solutions arranged for repatriation of 43 employees or people with close link to the
employees. Aker Solutions continues to have personnel in Dubai and is closely monitoring the situation and
its impact on people and ongoing activities. While operations at the DryDocks yard have resumed, Aker
Solutions is following current guidance to maintain home sheltering until further notice.
At this stage, the financial impact of these developments cannot be reliably estimated, given the
unpredictable and rapidly evolving nature of the conflict. Management continues to monitor the situation
closely and will implement mitigating actions as required.
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