Aker Solutions Hldg Asa

Good morning and welcome to Rock Solutions' presentation of our fourth quarter and full year results. My name is Preben Nørbeck and I'm the head of investor relations. With me today is our CEO Kjetil Digre and our CFO Idar Eikrem. They will take you through the main developments of the quarter and the full year. After the presentation, we have time for questions. Those of you who are following the webcast can submit your questions via the online platform. And with that, I leave the floor to Kjetil Didre.

Thank you, Preben, and welcome to everyone tuning in. As usual, let me start the presentation with the main messages for today. First and foremost, I am once again pleased to report that we continue to deliver solid financial results in a period of high activity. Our fourth quarter revenues were 16.7 billion kroner, which takes our full-year revenues to more than 63 billion, the highest in Aker Solutions' recent history. Our EBITDA margin for the quarter was 7.9%, or 7.5% if you exclude the net income from SLB 170. Our net cash position increased to 3.7 billion kroner at the end of the year. This was fueled by strong cash generation in our segments and substantial dividends from our 20% ownership in SLB 170. Looking at 2025 as a whole, we have made good progress on our project portfolio and on our strategy. The RKBP portfolio is progressing well with all key milestones met during the year. And I'm also encouraged to see high demand for our engineering and consultancy services, leveraging our 5,000 strong engineering muscle to solve energy challenges for a wide range of customers across the globe. Our lifecycle business is well positioned to continue its strong development, underpinned by long-term frame agreements with strategic clients. And lastly, I also want to highlight our ownership in SLB1 Subsea, a leading player in the growing Subsea market. The company is delivering strong cash generation, enabling solid dividends to Akka Solutions. So, as you can see, 2025 has been a very important year for Akka Solutions. Going forward, we continue to expect revenues to decline from peak levels in 2025, and we are taking steps to adjust capacity and costs accordingly. Our financial position is robust, and the Board of Directors has decided to propose a dividend of 3.6 kroner per share for 2025, up from 3.3 kroner per share in 2024. I'll talk more about how we are positioning the company to continue delivering shareholder value, but first I wanted to take a step back to reflect on our journey since 2020. When we merged Aker Solutions and Kverner back in 2020, we set ambitious targets for the period ending in 2025. As you can see from the graphs, I think it's safe to say that we have delivered successfully. Since 2020, our revenues have grown from about 20 billion to more than 60 billion. And equally important, our margins have also improved significantly over the period. In 2025, we delivered an EBITDA margin of 8.4%, or 7.3%, excluding net income from one subsidy. This is an increase of about 500 basis points from 2020. We also secured several important new orders in 2025, with an order intake of about 66 billion during the year. Our order backlog was about 65 billion at year end, dominated by projects under the ARCA BP Alliance model and reimbursable contracts. And it's great to see that these results have generated solid returns to our shareholders. Since the announcement in July 2020, the value of Aker Solutions has increased sevenfold. This includes about 13.7 billion in dividends and share buybacks distributed to our shareholders during the last five years. So, how are we creating value? Well, since 2020, we have delivered strong operational and financial performance across our business segments. In renewables and field development, we have seen the top line grow more than four times since the merger. And going forward, we are broadening our customer base and geographical exposure. We do this mainly through our engineering and consultancy business, as well as selectively targeting the renewables opportunities with balanced risk-reward profiles. Our second segment, lifecycle, has also had an impressive journey. delivering double-digit revenue growth with improved margins. With an asset-light business model characterized by reimbursable contracts with low investments, Lifecycle is an important contributor to Arca Solutions' performance and cash generation. Going forward, the segment is well positioned in a growing brownfield oil and gas market, with a strong backlog dominated by long-term frame agreements with strategic customers. Lastly, I wanted to touch upon our ownership in SLB One Subsea. In late 2023, we announced the closing of the transaction to create the leading global Subsea player. Since then, SLB One Subsea has delivered strong financial performance and cash generation. The company has an attractive dividend policy where all excess cash is distributed to shareholders. And as I will come back to, this is just the starting point. Supported by a strong subsidy market, the company is well positioned for growth and value creation in the years to come. So let's go deeper into some of these important browser drivers. A key element in our strategy is to safeguard the delivery of our projects. So how are we doing this? An excellent example is the Aker BP projects we are executing in the Alliance model. There are several benefits working in this model. By aligning our incentives, sharing risk and rewards, we create win-win situations that drive innovation and efficiency. This way of working closely together with our strategic partners helps us deliver high-quality projects faster, which in turn means more energy to the markets quickly and responsibly. The RKBP project portfolio consists of four new platforms with a combined weight of about 90,000 tonnes. This includes Hugin A, the largest topside ever assembled at Sløyd. And we are also delivering the Valldal PWP platform, and the smaller Hugin B and Fenlis platforms from our yards. In addition, we are involved in several projects within modification of existing assets, such as Skarv, as well as being delivery partner for On Subsea for the fabrication of Subsea equipment. I am very pleased to report that all critical milestones on these projects were met during 2025. This includes the delivery and sale away of the jacket substructures for both Hugeney and Valval PWP in the summer, and the arrival of several large topside modules to Stord for final assembly. At Stord, we are progressing as planned, with the stacking program preparing the topside for sale away during 2026. In order to safeguard the delivery of these and other projects, Aker Solutions is applying new ways of working enabled by automation and digital solutions. These are not ends in themselves, but rather means of improving efficiency and safety in execution. One example is the use of augmented reality, or AR for short. By overlaying the technical drawings with real-world construction, inspectors can spot issues earlier when it is easier and less costly to mitigate them. Another example is the use of virtual reality or VR, where engineers from our different locations around the world can meet virtually inside the digital model they are working on to collaborate and identify the best solutions. The technology has multiple use cases, including replacing offshore surveys in a range of operations. This frees up man hours otherwise spent on transport, reduces personnel on board and saves costly helicopter transport. These are just a couple of examples of how we turn digital ambitions into practical applications that can save both time and cost for our customers. As for the Alliance model, I believe that the achievements for the Alliance are a clear testament to the value of working closely together with Alliance incentives. This in turn enables us to deliver quality projects with faster time to first energy. Another key pillar of our strategy is to grow our engineering and consulting business. At Akka Solutions, we are currently having more than 5,000 engineers with unique competencies across market segments, covering all phases of the asset life. Our spearhead in emerging markets and client relationships is Enter, our consultancy arm. The core team at Enter currently consists of about 350 people, but draws on the competencies and capacity of the entire organization. A unique selling point for our engineering and consultancy services is how we are pioneering new digital solutions and data analytics powered by AI, artificial intelligence. By shifting from manual to automated processes, we can make better use of historical data and scenarios to design innovative solutions that unlock value for our customers. One example is a recent FPSO concept study Here our engineers were able to identify more than 200 potential improvements, significantly reducing both weight, costs and delivery times. From our key engineering hubs in Norway, UK, US, Canada, India and Malaysia, we deliver consulting and engineering projects to a wide range of customers across the globe. Within oil and gas, we are actively engaged in several FPSO projects that we believe will move into next phases of development over the next one to two years. We are also seeing strong demand for our onshore, midstream and downstream capabilities. In these markets, we benefit from the experience and track record from our Indian office, where we have more than 1,000 engineers delivering projects across the globe. Likewise, we see that our track record in both CCS and offshore wind enables us to engage early with new clients in different geographical regions. In both offshore wind and CCS, we are now engaged in the second generation of projects. Compared to the first generation, which have been both operationally and commercially challenging, the new generation is progressing well, delivering healthy margins. So, what has changed? Firstly, we have managed to negotiate commercial terms with balanced risk-reward profiles and joint incentives for successful project deliveries. This means that we have moved away from traditional lump sum models to a model where both risks and upsides are much closer tied to our own performance. Secondly, we have managed to move away from customised one-off projects to leveraging standardisation across several projects. One example is the Norfolk portfolio, where we are seeing the benefit of designing one and building several. For instance, both engineering and fabrication hours are significantly reduced on the second topside compared to the first. The same applies for our CCS portfolio. where learnings from the first wave of capture and storage projects are now being implemented at the Northern Lights Phase 2 and the Hafslen Celsius carbon capture and storage projects. All in all, I am pleased to see that our focused approach is yielding positive results, positioning us in a market with significant growth potential in the years to come. Moving over to our lifecycle business. The segment has since 2020 delivered double-digit revenue growth with improved profitability and strong cash generation. At year end, the backlog stood at about 23 billion, dominated by long-term frame agreements and reimbursable modification projects on existing onshore and offshore assets. The segment also delivers hookup and commissioning services to ensure efficient and safe startup of new oil and gas facilities and offshore wind components. Our long-term engagements on these critical assets enable us to expand our capabilities, offering unique technology-enabled services. This includes autonomous drone inspection, remote operations, and AI-powered analytics. And talking about long-term engagements. I'm happy to report that we have secured several new long-term frame agreements for maintenance and modification services over the past months. Why is this important for Akka Solutions? For one, it creates transparency on activity levels for several years to come. As you can see on this slide, the recently awarded agreements in Norway have a duration of more than 10 years including options. We are also working side by side with key international clients such as Exxon, Shell and BP to maintain and modify their critical infrastructure in Canada, UK, Angola and Brunei. I believe one of the main reasons we've been awarded these contracts is our demonstrated ability to drive improvement. And we are not just talking about doing the same things we did yesterday, only faster. We are talking about fundamentally challenging what we do and how we do it. That means not just applying new technology, but applying the right technology and digital solutions, where we truly move the needle and deliver measurable results. It is also about understanding our clients, how they think, how they prioritize, and what matters most to them. Our deep understanding of the assets also positions us for modification projects, for instance related to subsidy tieback or decarbonization through electrification. In Norway alone, Eknor expects to develop more than 75 subsidy projects over the next decades. So to summarize, I'm impressed by how Lifecycle has developed over the last five years and believe that the segment is well positioned to continue its transformation journey in the years to come. Moving over to SLB One Subsea. As mentioned, the company was established through the merger between SLB and Arca Solutions Subsea Divisions with the ambition to create the leading subsea company in the world. The financial performance of the company speaks for itself, delivering strong margins and solid cash flows. The company has a very attractive dividends policy, and during 2025, SLB On Subsea had paid out more than $400 million in dividends to its shareholders. After these payments, the company still has a robust financial position, with net cash of more than half a billion dollars. And the outlook for the company is strong. with global subsea spending expected to increase by around 25% over the next five years. Tendering activity is high both within subsea production systems, subsea processing solutions, and umbilical and cable systems. SLB-1 Subsea also has a highly resilient life of field service offering, enabled by the largest install base of subsea equipment in the industry. The company recently announced targets of cumulative bookings exceeding $9 billion over the next two years, positioning the company for growth from 2027 and onwards. So, as both a proud co-owner and delivery partner for OneSubsea, Aker Solutions sees great opportunities for continued strong value creation in the company going forward. And talking about shareholder value. As you can see from the graph on the left-hand side, share prices among players with exposure to the subsidy equipment market have increased markedly during the last 6-12 months. If one uses such peer-trading multiples, one may argue that our 20% ownership represents a significant upside to Arcus Solutions' current trading. In addition, Aker Solutions currently holds more than 5 million shares in SLB, which were used as considerations for the subsidy transaction. Since the closing of the fourth quarter, we have seen a substantial increase in the value of these shares. So, to summarize, I am pleased to see that we continue delivering strong financial results, that we have a solid backlog of healthy projects, and that we continue positioning the company for the future. Finally, our financial situation is robust. This gives us a strong foundation to continue developing the company while generating solid returns to our shareholders. And with that, I leave the word to Ida, who will take you through the financials of the quarter and for the full year.

Thank you, Ketel. I will now take you through the key financial highlights of the fourth quarter. The full year is figures our segment performance and run through our financial guidance as always all numbers mentioned are in norwegian corner so let me start with the income statement the fourth quarter revenue was 16.7 billion full year revenue were 63.2 billion a 19 increase from 2024. The underlying EBITDA in the quarter was 1.3 billion with a margin of 7.9%. During the quarter, Arca Solutions have taken provisions for restructuring cost of 194 million kroner in relation to the announced capacity adjustments. This is treated as a special item. The net income from One subsea was only 80 million in the quarter. This was affected by one-off costs related to integration and restructuring. If adjusting for these one-off costs, the net income from the entity was in line with previous quarters. Full year EBITDA for the group was 5.3 billion with a margin of 8.4% or 7.3% if you exclude the net income from SLB 1 subsea. The underlying EBIT in the quarter was 940 million up from 888 million a year ago with a margin of 5.6%. The full year EBIT was 3.8 billion, with a margin of 6.1%. For the full year, net income excluding special items was 2.9 billion, representing an earnings per share of 6.1 kroner. This is somewhat lower than in 2024, mainly driven by lower interest income after the sale of liquid funds used for the payment of extraordinary dividend in 2024. As Chetil mentioned, the Board of Directors will propose an ordinary dividend of 3.6 kroner per share for 2025, pending approval in our Annual General Meeting in April. This represents approximately 60% of net income, excluding special items. Moving to our segment performance. For renewables and field development, the fourth quarter revenue was 12.4 billion. Full year revenues was 46.1 billion, representing a year-on-year growth of 21%. The underlying EBITDA in the quarter was around 1 billion, with a margin of 8.1%. EBITDA for the full year was 3.7 billion, representing a margin also of 8.1%. The legacy Lamsan projects continue to be a drag on the margins throughout 2025. These projects are now in the offshore commissioning phase and commercial discussions are ongoing. And, as previously mentioned, the second generation renewable projects contribute with healthy margins in the period. The order intake in the period was 11.6 billion, leading to a secured backlog of more than 40 billion at year end. Based on the secured backlog, we expect the revenues in this segment to be between 30 and 35 billion in 2026. For the lifecycle segment, revenues in the fourth quarter was 3.8 billion. Full year revenues was 15 billion, an increase of about 13% from 2024. The underlying EBITDA was 293 million in the quarter, representing a margin of 7.7%. This was enabled by continued solid performance on ongoing modification projects and long-term frame agreements. EBITDA for the full year was 1.1 billion, with a margin of 7.2%. The order intake in the quarter was 7.7 billion, representing a book to bill of about two times. During the quarter, Lifecycle was awarded long-term frame agreements with both ConocoPhillips in Norway and ExxonMobil in Canada. The secured backlog at the end of the year was 23 billion, providing a good visibility for future activity levels. This, however, does not include the announced long-term frame agreement with Equinor awarded in the first quarter of 2026, representing additional intake of more than 10 billion kroners. Based on the secured revenues and backlog, we expect lifecycle revenues to remain relatively stable in 2026 at around 15 billion. Moving to our financial performance of SLB 1 SEBSI. In the fourth quarter, SLB 1 SEBSI delivered revenues of about 10.5 billion. For the full year, revenues were about 40 billion kroners. EBITDA in the quarter was about 1.9 billion, representing a margin of about 18%. For the full year of 2025, the company delivered an EBITDA margin of 19.4%. Net income before PP&A adjustment was 527 million in the quarter. This was negatively affected by the mentioning provisions for one-off costs. After PP&A adjustment, Arca Solutions recognized 80 million for our 20% share. The backlog for the entity is currently at 47 billion kroners. As mentioned, tendering activity is high and the company has an ambition to exceed 9 billion dollars in new orders over the next two years. In the fourth quarter, Arca Solutions received dividends of more than 400 million kroners. This was significantly above previous quarters, reflecting the solid financial position and performance of the entity. This takes me to our cash flow for the full year. Cash flow from operation was 2.6 billion, mainly driven by EBITDA contribution from our operational segments, offset by a reversal of working capital of about 1.3 billion. CapEx for the full year was about 500 million, or 0.8% of revenues. For the full year, Arca Solutions received $841 million in dividends from our 20% ownership in SLB 1 Subsea, significantly above previous guiding from the company. Lastly, we have distributed about $1.6 billion to our shareholders in 2025 in line with our ordinary dividend policy. The financial position remained robust, with a net cash position that increased to 3.7 billion during 2025. So, to sum up, in 2025, Arca Solutions delivered record high revenues with solid margins and strong cash generation. As Chetel mentioned, we continue to expect activity levels to come down in 2026, forecasting revenues between 45 and 50 billion for the full year. At this early stage, we expect the EBITDA margin to be in the range of 7 and 7.5% for the full year, excluding net income from SLB 1 services. CapEx is expected to be around 1% of revenues, while working capital is expected to continue its normalization to a level between negative 4 and negative 6 billion over time. Based on our robust financial position, the Board will propose a cash dividend of 3.6 kroner per share for 2025, pending approval in the annual general meeting to be held in April. Thank you for listening. That was the end of our presentation. In a few moments, we will open up for questions.

Okay, we will start with a few questions from Martine Kverne in Nordea. The first question is if you can give an update on when the Legacy Lumsum projects are finished.

They are all currently in offshore mode. We have installed them and they are completed structurally and we are currently working on the commissioning part of the project and we completed all of it in 2026.

Moving on to two questions on the tender pipeline, whether visiting is included and also if you can elaborate a bit on the split between renewable field development and lifecycle.

start by saying that this thing is really high on our agenda and we are working closely with Eknor on behalf of the license owners to look at the optimal concept and really helping them to make this a viable project. That's a super important work for us. It's not currently included in the tender pipeline numbers because it's in an early phase still. And then the split is, I would say, balanced. We are working on the classical greenfield oil and gas projects. The link is common to LifeCycle. In the start of 2026, we've gotten the important continued relationship with Eknor with many exciting agreements and tasks. Part of those agreements is actually not specific yet on what kind of work, so they're sort of empty contracts, but we know that with the ambitions of Eknor and other operators on the Norwegian continental shelf, with, for instance, 75 Celsius tiebacks, that can potentially be filled with quite a lot of lifecycle work going forward.

Moving over to a few questions on One Subsea. They announced the target of 9 billion in cumulative orders. Can you talk a bit about the timing and maybe also elaborate on the dividend expectations?

Thank you, I will. And the 9 billion is in US dollars, so that is important. And the 9 billion is a target for the next two years, so 26 and 27, to secure 9 billion in new orders. In addition, SLB1 subsea are sitting with an order backlog of 4.7 billion. So achieving 9 billion over the next couple of years with the current backlog is providing a solid and good visibility for activity level going forward. Currently, they are around $4 billion a year and with healthy margin close to 20%. And as we have seen, we received 841 million Norwegian kroner for dividends from SLB 1 Subsea during 2025. And dividend policy is a good dividend policy for the shareholders. All excess cash is going to be distributed to the shareholders. And the current cash position at year-end was at... 5.7 billion. So we call it cash generation from the earnings that we expect in 2026, together with the cash position they're sitting on, we expect healthy dividends also for 2026 and onwards.

Moving to a question on the RKBP projects, where You are noting good progress. Any upside to the margins in 2026?

For a project like this, there are incentive mechanisms in place and normally most of the incentive mechanisms are towards the end of the project lifetime and also linked up to startup. We don't disclose or come with guidance on the margins on specific contracts. segments but as you can see from our guidance for 2026 we are guiding a margin of seven to seven and a half percent at this stage and with lifecycle being a business that is currently at around seven point two percent you will understand that renewable and field development segment will be in the range that is in line with the group estimates.

Thank you. Moving over to a question from Oscar Loving Kepler. If you can comment on how margins of new contracts sign in 2024 and also now in the beginning, 2025 and into 2026, how does that compare to the legacy portfolio? And if you're seeing a material step up in underlying margins or risk returns on new awards?

I think the most important thing that we did and we communicated that clearly is some of those contracts that we signed in 21-22 didn't have the right risk-reward balance. We have therefore communicated that we will be very selective and make sure that we have the right risk-reward balance on contracts that we are signing. That is what you have seen of the contracts that we have signed in 24, 25, and now into 26 with healthy margins. Renewables portfolio, we have not been satisfied with those on the historical one. However, that was the first generation. The second generation has healthy margins. And renewable projects are competing with oil and gas projects for our own internal resources. And we are requiring margins on renewable projects in line with our oil and gas projects. So...

healthy margins in the portfolio next question how do you look at the potential future projects in the USA especially in wind industry under the Trump administration did the sentiment change after the recent rhetoric

It's quite obvious that the sentiment and the opportunities in this period of Trump administration has changed. Our role in this is obviously to work closely with our key clients and they are looking at changing focus just now. That has been seen, particularly towards Europe and back to what we are tending for and potential projects. That's where the major win opportunities are currently worked on from our side. Back to the US, you know, we do have an office in the US with a consultancy and enter focus. And there we are working on exciting new opportunities around, for instance, CCS, but also within classical oil and gas industry. And just to make another connection, you know, those kind of jobs in the US, particularly onshore, is also supported from our experienced Indian engineering muscle.

A question from Martin on the structural competitive advantage of Arc Solutions that you believe can support sustainable returns above cost of capital.

That's a big question. It's almost our whole strategy. But I think what you see is that we tend to be sort of the key and closest partner to our clients. And that's the role we want to grow further. And I think we are preferred in many instances on that because we have the totality of the engineering through our very experienced engineering organization. We're also the ones that are handling and orchestrating the totality of the project puzzle when it comes into operation. execution back to our strategy what we are also careful about is that we know what we are really do that we have a core business that we are improving but also growing and also do that around our existing hubs so that we are taking careful steps outside those and then I think also as a company, we are in a place where we have taken on board the challenge and realized that we have to change. We change together with clients, but also orchestrating change and improvements in the whole supply chain. I think there are a few companies that can take that role, and we are one of them. For instance, within maturing and developing a digital and AI-based operational model and bringing that out to the rest of the supply chain.

Maybe then elaborating to Idar if there are any key drivers of returns on invested capital expansion in terms of margin development, capital intensity and reinvestment efficiency?

Yeah, I think I have sort of point back to my guidance for next year or this year in 26 where we have put out our guidance 45 to 50 billion in turnover and then with a margin of seven to seven and a half percent range. CapEx is going to be sort of lower than what we have had recently. We are now capitalizing on our CapEx and investment that we have done over the last few years. So we expect CapEx to be around 1% of revenues. We expect the working capital to normalize a bit more than what it is currently at minus six and a half to a level of around minus four to minus six. When you combine all this, we should be in a position that generates healthy cash flows also going forward, being able to serve our shareholders well. And in addition, as we spoke about earlier in this call, healthy dividends are coming in from our ownership in SLB 1.7C, close to $850 million for last year.

Moving then over to a question from Jørgen Lande. If you can elaborate on the 80 million net income from one subsea and the details of the provisions for one of COSP's related to integration and restructuring.

Yeah, what you should read into this is when the two companies combined ArcaSolution and So there was certain plans for taking out synergies and restructuring part of it. And this is part of that program. So this quarter a bit more than what you have seen historically. And you should consider this as a one off cost in the quarter. And as we have stated in our comments to this, if you adjust for this, the earnings is more in line with previous quarters.

Perhaps I'll just add, Preben, we are following this closely, obviously, and we are doing very good and optimal things, both when it comes to structure and system harmonization on the people structure, and then also the actual facilities taking out the synergies that Ida is alluding to.

Okay, should we then move to, there's a few questions from Erik Aspenfoss in Sparbank 1. As visibility into next year improves, what is the outlook for 2027?

Yeah, I can probably start. First of all, we have provided our guidance for 2026. We have secured order backlog around 15 billion for 2027. However, we have a tender pipeline of around 80 billion and of course the result of those tenders will impact 27. In addition, the frame agreements in lifecycle and as you have picked up, we was awarded the frame agreement from Equinor now in the first quarter in January 2026. That will also come on top and have impact for 27 as well as other contracts that we are currently in the tender phase that will be concluded shortly. So we expect of course the backlog to increase when we come a bit closer to 27. So

Perhaps add on the MMO part of us, you know, having these long-term frame agreements, not only Eknor, but also the ones that we won last year, you know, that's a starting point with an expected volume. We are then becoming close to the assets and the organization on the client side, and that positions us really well for the projects that are mature and come from top of the already planned volume of work.

Thank you, Kjetil. I see there's a few similar questions on what the strategy and ownership agenda for our 20% holding in one subsidy. Is it a long-term part of our solutions, asks Martin Husby-Karlsson.

Yeah, as I said, we are closely linked and collaborating with SLB and One Subsea. We have to also remind ourselves and you that we are actually an important supplier from both our Eggersund yard and our organization at large towards the tasks and projects that One Subsea picks up. That's a good position to be in, and obviously our ambition is to build them to be the largest subsidy player worldwide.

Yeah, and there was also a question about SLB shares that we are owner of, and those shares was allocated in connection with the transaction to us, or a part of the payment. We consider that as cash and cash equivalent shares, like and can be converted to cash quite quickly if we want to do that. When it comes to the shareholding, 20% shareholding that we have in SLB 1 Subsea, as we have spoken about, this is a good business, it's a growing business and an interesting business to be in and therefore there is no sort of plan to exit from that one.

A few questions from Victoria McCulloch from RBC on One Subsea. If you can comment a bit on your views or your expectations in 2026 in terms of margin, in terms of order intake and market share. If you can elaborate a bit more on the targets and the performance of the entity.

Well, first of all, on the outlook, a bit more general, they are world class in both the subsea production system delivery part They are world-class in the umbilical and cable part. They are world-class in, I would say, really world-leading on the subsea processing kind of projects, and also in the more sort of lifecycle of the market service segment. My take is that the way forward looks promising, and they are currently winning work from that side, which is... makes the months and years ahead looking really good also. Capturing projects with new clients that broadens the footprint and opens up new opportunities.

Then a question from Kim Uggedal. If the Q4 dividends from One Subsea is a new run rate or what should we think about it in 2026?

Yeah, the Q4 dividend was more than 400 million in one quarter. I guess that is a bit higher than what we expect to see every quarter. However, the yearly sort of effect that is there is at least within reach when you look at the cash conversion that SLB1 Subsea is able to do.

Thank you. Then moving on to a question from Kim Uggedal on the order intake in renewable field development, which was very strong, considered that we did not announce any contracts, and whether this is predominantly related to scope on the NCS portfolio or additional scope on HVDC platforms or other projects.

There are increased scope in some of the projects and it's also growth in the portfolio. However, the largest element is a catch-up effect from third quarter. AKBP updated their CapEx forecast in the third quarter. We were allocated a substantial part of that one in the fourth quarter. So there is a catch-up from third quarter that is the majority of the figures that is unannounced in the fourth quarter for us. This has to do with the approval of new updates on the capex estimate and allocating it to the suppliers.

Then a question from Martin Husby Carlson in D&B on the tender pipeline of 80 billion. Is that as of Q4 or as of today and how much of the volume is related to Equinor?

Well, that tender power plan is as of end of Q4. And now currently, as we've said a few times now, the ExxonMobil MMO volume is the starting point really for those contracts. It's the expected volume that are planned already. And then on top of that, as I said, we will compete for jobs then that are larger and linked to, for instance, all the subsidy tiebacks they are planning.

and maybe elaborate that it's the uh what we expected and not the full tender value that was out to all the participants in the tender yeah and just to remind everybody about that one then we booked it now in the first quarter and it's more than 10 billion on that contract

Then a question on the margin guidance, Idar, whether it includes provisions or incentives or for the incentives for projects.

Yeah, the margin guidance for 2026 is for the group. And as I mentioned earlier on today, this is a combination, of course, of and this is excluding one subsidy and the ownership of that one. So the earnings from that comes on top. But the seven to seven and a half is then for the remaining part of the group. And it consists basically of life cycle that is currently delivered 7.2 percent last year. And then the rest is basically in renewable and field development. So meaning renewable and field development is having a margin that is more or less in line with the group figures.

Thank you, Idar. It seems that we have no further questions. So from us here, it's time to close off the session. And thank you all for listening in.