Aker Horizons — Interim / Quarterly Report 2021

May 4, 2021

Aker Horizons ASA: First-Quarter Results 2021

Aker Horizons ASA: First-Quarter Results 2021

Aker Horizons’ Net Asset Value (NAV) ended at NOK 15.9 billion in the first quarter, when the company made its debut on Euronext Growth and made a series of major industrial and capital markets transactions.

The NAV increased by NOK 3.1 billion from NOK12.8 billion 1 February, when Aker Horizons was listed on Euronext Growth.

Highlights in the first quarter included:

• Signed agreement to acquire Mainstream Renewable Power

• Successful private placement and Euronext Growth listing of Aker Horizons

• Launching Aker Clean Hydrogen with significant potential to reduce CO2 globally

• Successful placing of Aker Horizons NOK 2.5 billion unsecured green bond

• Partnered with Yara and Statkraft to establish Europe's first industrial-scale green ammonia project

“Aker Horizons took several important steps in the quarter, establishing two significant new platforms and gaining momentum with its planet-positive initiatives,” said Kristian Røkke, Chief Executive Officer of Aker Horizons. “High activity levels continue across our portfolio companies with common business opportunities continuing to emerge, such as our collaboration between Mainstream and Aker Clean Hydrogen to produce green hydrogen in Chile.”

Portfolio Highlights

On 19 January, Aker Horizons announced the acquisition of 75 percent of Mainstream Renewable Power (“Mainstream”), a leading renewable energy company with a global footprint within onshore wind and solar. The transaction values Mainstream at EUR 900 million on a 100 percent basis. Mainstream has a pipeline of 12.5 GW in wind and solar assets across three continents, including projects in operation and under construction of 1.4 GW. As part of the transaction, Aker Horizons will also acquire approximately 50 percent of superconducting technology company SuperNode. The Mainstream transaction is expected to close in Q2.

Following the Mainstream announcement, Aker Horizons carried out a successful private placement raising NOK 4.6 billion and issued a subordinated convertible bond of NOK 1.5 billion.

Aker Horizons was listed on Euronext Growth Oslo on 1 February 2021.

In February, Aker Horizons completed a new senior unsecured green bond issue of NOK 2.5 billion with maturity in August 2025. The bond issue was placed with a coupon of 3 months NIBOR + 3.25% p.a. with quarterly interest payments.

At the beginning of the quarter, Aker Horizons announced a partnership with Aker Offshore Wind and Statkraft to explore possibilities for collaboration on offshore wind projects in Norway. The partnership is initially focused on exploring potential for bottom-fixed offshore wind in the Southern North Sea.

Further, Aker Horizons acquired the hydropower technology company Rainpower to build a next generation technology company to optimize hydropower developments and operations.

Aker Clean Hydrogen

During the quarter Aker Horizons launched Aker Clean Hydrogen, a new portfolio company incubated by Aker Horizons and set up to develop and operate clean hydrogen production at industrial scale around the world. The company’s competitive edge is based on cooperation with Aker companies across the hydrogen value chain, from renewable energy production to the end-consumers of clean hydrogen and ammonia. The company builds on a proven execution model and strong integration and optimalization capabilities across the Aker group.

Aker Clean Hydrogen raised NOK 3 billion in a Private Placement of new shares, of which Aker Horizons invested NOK 500 million.

During the quarter, the company together with Statkraft and Yara launched ambitions to establish Europe's first industrial-scale green ammonia project in Norway, to enable the hydrogen economy and accelerate the energy transition. The first project in the partnership will be to electrify Yara's existing ammonia facility in Herøya.

Revolving Credit Facility

Aker Horizons today separately announced an increase to its Revolving Credit Facility (RCF) to EUR 400 million from EUR 170 million with a syndicate comprising eight European banks. The RCF comes with an option to increase by a further EUR 100 million and the 3-year tenor can be extended with 1 + 1 years, subject to approval. Aker Horizons’ liquidity reserves, including undrawn credit facilities, stood at NOK 9.3 billion as per 31 March 2021. Adjusted for the Mainstream acquisition and the increased RCF, liquidity reserves are estimated at NOK 3.7 billion on a pro forma basis.

Transfer of Listing

The company announced today that it has initiated a process to transfer its listing venue from Euronext Growth to Oslo Børs, and expects such uplisting to be completed during Q2 2021.

The Q1 presentation can be downloaded from www.akerhorizons.com

Aker Horizons will be presenting the Q1 results in a webcast at CEST 1130 today. Follow the webcast here:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210504_7

For additional information, please contact:

Ivar Simensen, media contact, +47 46402317, ivar.simensen@akerhorizons.com

Christian Yggeseth, investor contact, +47 915 10 000, Christian.yggeseth@akerhorizons.com

About Aker Horizons

Aker Horizons ASA is a planet-positive investment company dedicated to developing companies within renewable energy and other technologies that reduce emissions or promote sustainable living. The company is listed on Euronext Growth and majority owned by Aker ASA. Aker Horizons investment portfolio includes majority stakes in Aker Clean Hydrogen, Aker Offshore Wind and Aker Carbon Capture, and on 19 January 2021, the company announced an agreement to buy 75 percent of Mainstream Renewable Power, a developer and operator of wind and solar parks.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.