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Aker Horizons — Earnings Release 2024
Feb 13, 2025
3530_rns_2025-02-13_4238b6c1-4247-484b-92dc-b57ca0befed1.html
Earnings Release
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Aker Horizons ASA: Fourth-quarter results 2024
Aker Horizons ASA: Fourth-quarter results 2024
Aker Horizons ASA (OSE: "AKH"), a developer of green energy and industry, today
announced results for the fourth quarter 2024. Aker Horizons' net capital
employed stood at NOK 5.9 billion, a decrease of NOK 0.2 billion from the third
quarter, mainly reflecting AKH's share of results in the portfolio companies in
Q4. The company reported a cash position of NOK 2.9 billion and an undrawn
credit facility of EUR 500 million, giving available liquidity of NOK 8.8
billion.
Main developments in the portfolio:
Aker Carbon Capture has proposed a dividend of NOK 3.5 billion, and reports a
new contract award in SLB Capturi:
- The Board of Directors of ACC ASA has proposed a dividend of NOK 3.5 billion
(NOK 1.5 billion to AKH), subject to approval by ACC ASA's general meeting.
- SLB Capturi has reached significant industrial milestones with the hand-over
of the modular carbon capture facility at Twence, and the award of an EPCIC
contract for a Just Catch 400 unit to Hafslund Celsio.
Mainstream Renewable Power reports projects in South Africa progressing toward
COD, and an improved commercial margin in the Andes portfolio:
- Two projects for a combined ~150 MW under construction in South Africa are
progressing toward COD in Q2 2025 and early 2026.
- The commercial margin in the Andes portfolio in Chile showed continued
positive development in Q4.
- Cost optimization initiatives are well underway targeting a ~65% decrease in
payroll and overhead cost.
Aker Horizons Asset Development signed a term sheet for offtake from Narvik
Green Ammonia (NGA), and is developing the Powered Land business:
- A term sheet for 150 ktpa offtake from NGA was signed with VNG.
- A collaboration agreement was signed with a major European utility targeting
an ownership share in NGA post DG2.
- The Kvandal site in Northern Norway is ready-to-build with 230 MW for power
intensive industries.
SuperNode is planning the full-scale testing of their superconducting technology
this year:
- A full-scale prototype of SuperNode's superconducting system is to be tested
in the company's own facility H1 2025.
- A first full-scale demo in a real TSO environment is to be conducted at the
National Grid Deeside facility later in 2025.
Aker Horizons reports net capital employed to reflect a portfolio composed
mainly of unlisted assets. Net capital employed includes Aker Horizons' initial
investment in the portfolio company, adjusted for any profit or loss and any
additional investments, adjusted for foreign exchange fluctuations. As of the
fourth quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC,
NOK 2.5 billion in Mainstream, NOK 524 million in AAD, NOK 210 million in
SuperNode and NOK 365 million in other assets.
ENDS
The Q4 2024 presentation is attached.
Aker Horizons' CEO Lars P. Sørvaag Sperre and CFO Kristoffer Dahlberg, and
Mainstream's CFO Julie Berg will present the main developments in the fourth
quarter 2024 today at 08:30 CET, followed by a Q&A session. The presentation,
which is open to all, will be held in English and will be webcast on Aker
Horizons' website:
https://akerhorizons.com/investors
For further information, please contact:
Jonas Gamre, Investor Relations, tel: +47 97 11 82 92, email:
Mats Ektvedt, Media, tel: +47 41 42 33 28, email:
About Aker Horizons
Aker Horizons develops green energy and green industry to accelerate the
transition to Net Zero. The company is active in renewable energy, carbon
capture and sustainable industrial assets. As part of the Aker group, Aker
Horizons applies industrial, technological and capital markets expertise with a
planet-positive purpose to drive decarbonization globally. Aker Horizons is
listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across
its portfolio, the company is present on five continents. www.akerhorizons.com
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements in
Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This
stock exchange announcement was published by Mats Ektvedt, Partner in Corporate
Communications, on 13 February 2025 at 07:00 CET.