Aker Carbon Capture

Earnings Release • May 8, 2025

Aker Carbon Capture AS: First quarter 2025 results

Aker Carbon Capture AS: First quarter 2025 results

Aker Carbon Capture ASA (ACC ASA) ended the first quarter 2025 with NOK 1.9

billion in cash and an equity position at NOK 2.1 billion. The Company reported

net profit of NOK 79 million in the quarter.  This includes a gain of NOK 71

million from the earn-out mechanism in the transaction with SLB related to the

award of the EPCIC contract from Hafslund Celsio.

In the first quarter, the Extraordinary General Meeting approved a share capital

reduction and an extraordinary cash dividend of NOK 3.5 billion, NOK 5.80 per

share, to be paid in first half of 2025. The first tranche of NOK 4.82 per share

was paid to the Company's shareholders in March 2025, except for withheld tax of

NOK 90 million settled in second quarter. The second tranche, NOK 0.98 per

share, NOK 592 million in total, will be paid to the Company's shareholders in

May 2025.

Going forward, ACC ASA will, through its ownership in SLB Capturi, continue to

support the development of the carbon capture business of SLB Capturi. The

combined suite of technologies and global reach will make a platform positioned

to profitably scale faster, to the benefit of customers, employees and

shareholders.

The cash position remaining in ACC ASA following the proposed dividend

distribution will enable the Company to retain a sufficiently robust balance

sheet to fulfil its role and responsibilities as a minority owner of SLB Capturi

and will back ACC ASA's remaining pro-rata guarantee exposure for projects

awarded prior to the formation of the JV. The Company will continuously consider

the best way forward for the Company and its shareholders.

SLB Capturi

In January 2025, SLB Capturi, in collaboration with Aker Solutions, was awarded

an engineering, procurement, construction, installation and commissioning

(EPCIC) contract from Hafslund Celsio AS to deliver a carbon capture solution at

their waste-to-energy facility in Oslo.

Earlier in January, ACC ASA announced that SLB Capturi had completed

commissioning and is handing over its first modular carbon capture plant at

Twence's waste-to-energy facility in Hengelo, Netherlands. Twence is now

delivering the captured CO2 for horticulture and food production.

CO280, SLB Capturi's partner to scale up carbon removal in US and Canada, has

announced an agreement with

Microsoft (https://www.linkedin.com/company/microsoft/%22%20%5Ct%20%22_self) to

capture and permanently store biogenic carbon emissions from a U.S. pulp and

paper mill.

Microsoft (https://www.linkedin.com/company/microsoft/%22%20%5Ct%20%22_self)

will purchase 3.7 million tonnes of

CDR (https://www.linkedin.com/search/results/all/?keywords=%23cdr&origin=HASH_TAG

_FROM_FEED) over 12 years, marking one of the largest engineered carbon dioxide

removal purchases to date.

SLB Capturi is currently delivering across multiple sites and is engaged in some

of Europe's most significant carbon capture projects including Kalundborg,

Denmark, where five Just Catch systems are being deployed by Ørsted across two

biomass-to-energy sites with design capacity of capturing 500,000 tonnes of CO2

each year, as part of Denmark's first full-scale carbon capture and storage

(CCS) value chain implementation. In Norway, of the world's first full-scale

carbon capture facility at a cement plant, the Heidelberg Materials Brevik

plant, will be in operation this year.

ENDS

A summary of Q1 2025 financials is attached.

For further information:

Media and Investors:

Mats Ektvedt, mob: +47 41 42 33 28, email: mats.ektvedt@corpcom.no

About Aker Carbon Capture

Aker Carbon Capture ASA was established as a separate entity in 2020,

building on more than 20 years long experience and maturation of the carbon

capture technology within Aker. Following an agreement with SLB, a joint venture

between SLB and Aker Carbon Capture was established in June 2024. The JV, SLB

Capturi, is headquartered in Oslo, with SLB owning 80% and Aker Carbon Capture

ASA owning 20%, two strong companies with proven track record of building

successful industrial businesses positioned for substantial growth.

www.akercarboncapture.com