Aker Carbon Capture

Investor Presentation • Feb 15, 2023

Q4 2022

15 February 2023

Valborg Lundegaard, CEO Egil Fagerland, CFO

Agenda

Introduction and fourth quarter highlights

Operations and business development

Delivery models

Financials

Summary 2022 and the way forward

Q&A

© 2023 Aker Carbon Capture

Aker Carbon Capture in brief

Pure play carbon capture company delivering ready-to-use capture plants

Best-in-class HSE friendly and proprietary patented technology for optimized all-round plant performance

Proven market-leading proprietary technology with close to 60,000 operating hours

...and engagement with new industry segments like refining and process industries

CEMENT BIO/WASTE-TO-ENERGY GAS-TO-POWER BLUE HYDROGEN

Highlights

In construction phase for two large-scale projects:

• Brevik CCS: installation of more key equipment onsite
• Twence CCU: columns installed

Letter of Intent signed for two Just Catch units

Pre-FEED study for Viridor's Runcorn CCS project

Expanding into new industries and countries with studies for St1 and Röhm

Mobile Test Unit campaign at Elkem officially inaugurated

Continued revenue growth and solid cash position

Accelerating market activity

Letter of Intent for large carbon capture project

• Two Just CatchTM units
• Capture capacity of 200,000 tonnes CO2/yr

Pre-FEED study for Viridor´s Runcorn CCS

• Capture capacity of 1 million tonnes CO2/yr
• Shortlisted for UK Track 1 funding

Renewable synthetic methanol project with St1

● Pre-engineering study for carbon capture at Finnsementti's cement plant in Finland

Study for German chemicals company Röhm

• Feasibility study for two carbon capture plants
• Overall capacity up to 500,000 tonnes CO2/yr

Innovation driving energy optimization

www.akercarboncapture.com/techday

• 1) Monoethanolamine (MEA) is a standard solvent for amine-based carbon capture
• 2) Aker Carbon Capture proprietary solvent portfolio
• 3) Carbon capture plant with liquefaction

PROSPERITY

GOVERNANCE

PLANET PEOPLE

Operations and business development

© 2023 Aker Carbon Capture Slide 7

Maturing technology concept and product

High Mobile Test Unit activity Advanced CO2 capture pilot

• Smelter campaign started in Rana, Norway for Elkem Rana and SMA Mineral
• Part of CO2 Hub Nord, with 1.5 million tonnes of capturable CO2 emissions
• Second MTU being finalized by mid 2023

Nov 2021 SIGNED CONTRACT

© 2023 Aker Carbon Capture

February 2023 INSTALLATION OF ALL THREE COLUMNS ON SITE

End 2023 PLANNED OPERATION

WASTE TO ENERGY TWENCE CCU

Hengelo, Netherlands

• Capturing 100,000 TPA
• First of a kind modular carbon capture project on track
• CO2 will boost local greenhouse production

NORCEM HEIDELBERG MATERIALS BREVIK CCS Norway

• ² capture and liquefaction plant
• © 2023 Aker Carbon Capture 400,000 TPA CO ● Major equipment installed onsite, incl. all nine Waste Heat Recovery Units, Flue Gas Fan and Direct Compact Cooler
• Creating local employment and strong partnerships
• CO ² transport by ship to permanent storage as part of Northern Lights

2020 PROJECT START DECEMBER 22 EARLY ARRIVAL ON SITE OF ALL THREE COLUMNS

2024 PLANNED OPERATION

Flagship projects in the UK

Track-1 Clusters

• SSE Keadby 3 and bp Net Zero Teesside Power FEEDs
  • ⁃ Each with design capacity of 2 Mt CO2 per year
  • ⁃ Carbon capture partner to a consortium of Aker Solutions, Siemens Energy and Altrad Babcock
• Viridor's waste-to-energy Runcorn CCS project pre-FEED
  • ⁃ Targeting 1 Mt CO2 per year
• All projects shortlisted for funding, Keadby 3 received planning permission
• UK ambition of 20-30 Mt CO2 per year by 2030
• Carbon Capture and Storage Infrastructure Fund (CIF) of £1bn

Post-combustion capture covers majority of industrial emissions

1) Any process system supplier offering CO2 liquefaction technologies (CO2 compression and refrigeration) 2) Process system suppliers or petroleum refiners in cooperation with solvent suppliers

3) Categories are not mutually exclusive (i.e. some emissions could be captured by more than one capture technology): such emissions are presented for each capture category (i.e. sum is larger than total emissions). Forecast 2030 emissions already include assumptions re. the impact of alternative non-CCUS technologies in certain industries.

© 2023 Aker Carbon Capture Slide 13

Continued progress towards 10 in 25

Delivery models

Broad product offering with range of delivery models

Three core carbon capture products offered by Aker Carbon Capture

Indicative levelized cost of Carbon Capture as a Service

Levelized cost calculated as: Cost discounted over project period divided by the amount of CO2 captured discounted over project period; Discount rate: 7.5% Total cost for ACC delivered scope is within the range of 45-100 EUR/tonne, which include the Carbon Capture plant, operations & maintenance. All the figures are based on a European delivery model and covers European transportation and storage.

Full CCS value chain economics turning positive

• EUA currently trading around 90 EUR/tonne
• Long term outlook remains sound and analysts predict a range of 80-165 EUR per tonne in 2030
• IEA's World Energy Outlook, expect a carbon price at EUR 135 per tonne in 20301, based on announced net zero pledges
• EU's Green Deal Industrial Plan and US' Inflation Reduction Act are expected to provide better access to funding for CCUS
• Overall stronger fundamentals for investments in CCUS:
  • 1) Rising carbon prices
  • 2) Inflation Reduction Act
  • 3) Green Deal Industrial Plan
  • 4) EU taxonomy

Financials

Fourth quarter 2022 | Income statement

Q1-21 Q2-21 Q1-22 239 Q4-21 Q2-22 101 Q3-21 -66 Q3-22 Q4-22 194 63 -47 -23 69 -47 -54 130 144 -61 -49 204 -56 +110 (85%) Revenue EBITDA Revenue and EBITDA NOK million

• Revenue ended at NOK 239 million which was NOK 110 million higher compared to the same period last year. The increase is mainly driven by:
  • The Brevik CCS and Twence CCU EPC projects
  • UK FEEDs with BP Net Zero Teesside Power and SSE Keadby 3
  • CO2 Hub Nord MTU campaign, currently with Elkem
• EBITDA ended at negative NOK 47 million which was NOK 19 million better than the same period last year
  • Twence CCU started to recognize profit in the period
  • Both the Brevik CCS and Twence CCU projects are now recognizing profit and are expected to continue to deliver positive results through 2023
  • The overall negative EBITDA continued to be driven by high sales and tender activity and R&D projects incl. digitalization

Fourth quarter 2022 | Balance sheet

Value per Q3-2022

923

7

879

1,373

-457

3

0

9

8

26

57

-537

-587

50

Balance sheet NOK million Fixed Assets Trade and other receivables Right-of-use (RoU) assets 70 0 6 Non-current lease liabilities 6 51 Current lease liabilities Intangible Assets Pension liabilities Net Capital Employed (NCE) Cash and cash equivalents 1,093 Trade and other payables Net derivative financial instruments Net Current Operating Assets (NCOA) 408 1 76 3 -333 -216 Asset Liability Equity

● Net Current Operating Assets (net working capital) ended at negative NOK 333 million which represents a strong positive cash position on key projects

● NOK 216 million negative Net Capital Employed signalling that the business' operating capital is currently funded by project working capital

• Healthy Cash and cash equivalents balance at NOK 1.1 billion which covers all liabilities 2.6 times
• Strong Equity position at NOK 0.9 billion

Equity

Fourth quarter 2022 | Cash flow

• The quarter ended with an overall cash outflow of NOK 280 million
  • Loss before tax of negative NOK 42 million
  • Outflow of NOK 205 million related to change in Net Current Operating Assets in the period mainly related to vendor payments on the key projects
  • CAPEX of NOK 39 million was mainly related to product development and standardization, and the construction of a new mobile test unit
  • Payment of financial lease liabilities and adjustment for other non-cash items was net positive and represented NOK 6 million
• Cash and cash equivalents ended the quarter at NOK 1,093 million

Cash flow development NOK million

Financial outlook

~1,3 ~1,1 ~0,2 Order backlog 2023 2024 --> (per Q4-22) Total order backlog Order backlog by execution year

Order backlog by execution year NOK billion SG&A and operating expenses

• Total salary, personnel and other operating costs reached NOK 65 million in Q4 2022
• Excluding costs associated with projects, we expect to see operating expenses through the next six months around similar levels, with significant flexibility

Cash balance

• 2022 ending net cash balance of NOK 1.1 billion, driven by project-related cash outflows
• Expect cash position to further strengthen over the first half of 2023 before trending down towards the end of the year

Summary

2022 – The year of progress and partnerships

Progress

2022

Partners

Way forward

Industries and geomarkets

Cement, bio/waste-to-energy, gas-to-power, blue hydrogen, refining, process industries Northern Europe initially; opportunities emerging in North America

Technology and innovation Further improve energy efficiency and capture rate Increased focus on new technologies

Cost-efficient product portfolio Standardization, modularization, digitalization Collaboration with strategic suppliers

Flexible contracts and business models EPC, License and Carbon Capture as a Service

Rapid growth through partnership

Integrated offerings, joint market positioning and bold innovation Aker group, Siemens Energy, Microsoft, SINTEF, HZI, Northern Lights, Carbfix etc.

People

A flexible international organization built on a collaborative and innovative culture

Deliver on ongoing projects

10 in 25

Secure contracts to capture 10 million tonnes CO2 per annum by 2025