RBC Capital Markets revised its model for Aker Solutions (AKSO.OL), updating its earnings forecasts to reflect the energy-focused engineering group's second-quarter performance and its upgraded full-year 2026 outlook.
"Aker Solutions' NOK77bn backlog is underpinned by the significant awards for Aker BP [AKRBP.OL] for delivery in 2H26/27, alongside a number of [high voltage direct current] platforms. As a result, NOK25bn of the backlog is scheduled for 2H26 execution, while >80% of the FY28+ backlog is in [long-dated] Life Cycle agreements. While the uplifted guidance provides [near-term] revenue visibility, we continue to see a muted outlook for large oil and gas infrastructure investments in Norway, and the tender pipeline has a high volume of early-phase studies which need to convert into firm awards to sustain flatter revenue levels beyond 2027," the research firm said Monday.
For full-year 2026, Aker Solutions now expects revenue of between 50 billion Norwegian kroner and 55 billion kroner, from the previous target of "around" 50 billion kroner. The company also anticipates an increase in the second-half dividend from SLB OneSubsea, supporting full-year distribution "broadly in line" with 2025's $412 million.
As such, analysts raised their 2026 estimates, while their 2027 and 2028 projections were adjusted to account for recent life cycle project wins alongside anticipated awards across renewables and field development.
RBC reiterated its sector perform rating and price target of 48 kroner on the stock.