Aker Horizons — Interim / Quarterly Report 2022

Nov 2, 2022

Third quarter results 2022

2 November 2022

Main developments

Aker Carbon Capture advancing construction on first projects and high BD activity

Brevik CCS key equipment installed onsite, Twence CCU foundations installed Starting smelter campaign with Mobile Test Unit, new contract signed, second MTU being built DNV qualified Just Catch Offshore™: Ready to cut emissions from offshore power generation

Mainstream and Aker Offshore Wind combination complete, creating an offshore wind leader

Development of 1.8 GW ScotWind floating offshore wind farm Entered JV with Aboitiz Power for initial 90 MW onshore wind farm in the Philippines Agreement to sell African renewable IPP Lekela Power for net proceeds to Mainstream of USD 90m

Aker Horizons Asset Development progressing project origination and development

Milestone reached in Rjukan with signing of land lease and power purchase agreements Civil work progressing as planned at Kvandal site in Narvik to prepare for industrial development Kicking off hydrogen pipeline feasibility study from Norway to Germany with Gassco

Aker Horizons and portfolio well capitalized and positioned for current market turmoil

Aker Horizons¹ available liquidity of NOK 9.7bn; NOK 4.4bn cash and EUR 500m undrawn RCF Mainstream unrestricted cash of EUR 392m Aker Carbon Capture cash balance of NOK 1.4bn

Aker Horizons accelerating Net Zero

IEA Net Zero 2050 pathway

Gt CO²

Aker Horizons focusing on three Net Zero levers

Backbone of decarbonization

Decarbonize cement, gas-, biomass- and waste-to-

Decarbonize steel, transportation, fertilizer and other industrial processes

Mainstream Renewable Power

Renewable energy developer and operator with industry-leading wind capabilities incl. floating, market leader in Chile and South Africa

SuperNode

Technology company developing superconducting cable systems for bulk power transfer to enable the electricity age

Aker Carbon Capture

Carbon capture company delivering ready-to-use capture plants; two projects in construction, two projects in FEED phase

Aker Horizons Asset Development

In-house asset development organization originating and developing hydrogen, ammonia, methanol, green iron, infrastructure and other green assets

Market perspectives

Short-term pressures have slowed renewables FIDs

GW global solar and wind FIDs

• Despite record governmental decarbonization pledges and focus on energy security, FIDs¹ outside China are set to drop in 2022
• Inflation, supply chain bottlenecks and permitting issues delay investment decisions
• Low bidding activity in recent auctions
• PPA levels and costs need to rebalance project returns. Both are moving in right direction
• Highlights need for governments and industry to work closely together

UN report: Climate action must be implemented the next eight years

"We are still nowhere near the scale and pace of emission reductions required to put us on track toward a 1.5 degree Celsius world. To keep this goal alive, national governments need to strengthen their climate action plans now and implement them in the next eight years."

Simon Stiell, Executive Secretary of UN Climate Change

US Inflation Reduction Act

• Could drive >USD 4.1 trillion in cumulative capital investments in new energy supply infrastructure the next decade
• Will kick off the CCUS industry CCUS may increase 13x by 2030 relative to current policy
• Driving a record high growth in wind and solar capacity across the country
• Augmented by newly-announced target for floating offshore wind of 15 GW by 2035 and signals of speeding up new deep-sea acreage
• Jump-starting the hydrogen economy in the US

USD billion annual capital investments in clean energy supply infrastructure

Source: Princeton University

Positive signals for carbon capture

Number of CCUS facilities worldwide Million tons CO2 captured pr year

CCS pipeline picking up IRA increases prospects in the US EU ETS can now spur CCUS projects in Europe

EUR/ton (real 2022)

Portfolio overview

Aker Carbon Capture

Transforming the carbon capture industry through standardization

• Carbon capture company delivering ready-to-use capture plants; two projects in construction
• Validated certified market-leading proprietary technology, >50,000 operative hours

Aker Horizons' view

• Massive growth in carbon capture required to reach Net Zero by 2050. Carbon capture key to remove process emissions and decarbonize hard-to-abate industries such as cement and gas- and biomass-to-power
• Economics becoming viable with increased EU ETS and the US Inflation Reduction Act support of USD 85/ton; ACC's Just Catch modular system key contributor to cost reduction
• Innovative business models and holistic value chain approach to accelerate – Carbon Capture as a Service enables emitters to pay per tonne CO² captured

Mainstream Renewable Power

Building a Renewable Energy Major – driving the energy transition

• Industry-leading wind capabilities across onshore, bottom-fixed and floating offshore
• Market leader in Chile and South Africa renewables, and Vietnam offshore wind

Aker Horizons' view

• Renewable energy is the backbone of decarbonization
• Strong momentum as countries increasingly announce dedicated targets and support schemes for development
• Mainstream a proven development engine opening and shaping markets, building multi-technology GW portfolios
• Floating offshore wind will accelerate faster than expected as LCOE comes down. Mainstream leveraging five decades of offshore experience in Aker and ownership in Principle Power
• High interest observed for renewable energy in private markets, as demonstrated by sale of Aela and Lekela platforms

Aker Horizons Asset Development

Develop, build, own and operate decarbonization assets across hard-to-abate sectors

• Holistic and integrated value chain approach to accelerate Net Zero
• Large-scale projects financed with strategic and financial partners

Aker Horizons' view

• Significant value creation potential in developing, building, owning and operating decarbonization assets
• Building on Aker and Aker Horizons' ability to realize large, complex and capex-intensive projects
• Hydrogen will play a significant part in the race to Net Zero and is ideal for decarbonization of many hard-to-abate sectors
• Moving downstream in the hydrogen value chain can increase margins and converts green energy to a green product with an existing market (e.g., iron). It also allows exports of low-cost energy to demand centers

SuperNode

Developing cable technology to enable the renewable electricity age

• Superconductor technology to conduct electricity with no resistance
• Proprietary cryostat designs, materials and heat management techniques

Aker Horizons' view

▪ The combination of significantly increasing our renewable energy share and electrifying our economies is essential to decarbonisation – but if we continue adding renewable energy at our current pace, many of our grids will be overwhelmed by 2030

Mainstream Renewable Power

Mainstream Renewable Power

Leading pure-play renewable energy company

Q3 highlights

• ScotWind success with 1.8 GW of floating offshore wind awarded to our 50:50 JV with Ocean Winds
• Offshore Wind combination successfully closed in August
• Lekela platform sale expected to generate net proceeds to Mainstream of approximately USD 90 million
• 19 GW global pipeline increased by 2 GW from ScotWind and South Africa additions
• 1.5 GW in operation and under construction
• Trade Finance Facility expanded to EUR 300 million
• Well hedged against interest rate increases

19 GW net¹global pipeline

Global portfolio of 29 GW net

early-stage development projects in South Africa

Two Huemul projects reached COD in Q3 2022

Global pipeline of wind and solar assets

Pipeline reflects assets in development, construction and operational

Key sector themes

Updates on Chile and cost inflation

Chile market challenges to be mitigated by our diversified portfolio

• Grid transmission remains dislocated, with operators exposed to difference in price at injection to the grid and withdrawal
• Two companies have notified CEN (Chile's national electricity operator) that they can no longer fulfil their PPA contracts
• Mainstream's diversified structure portfolio and geographical and technology (wind and solar) approach, will help mitigate these impacts once fully operational

Cost inflation managed through continued financial discipline

• Cost increases that started in 2021 and have continued to constrain supply chains and impact development
• Investment decisions and orders have been delayed
• Combined, delivery schedules have lengthened while quote tender periods have shortened
• In managing this, Mainstream continues to maintain its financial discipline

Offshore wind update

1.8 GW awarded to 50:50 JV with Ocean Winds

ScotWind success

• First combined success for the teams of Aker Offshore Wind and Mainstream
• 1.8 GW awarded to 50:50 JV with Ocean Winds
• Water depth of ~100m
• Ideally suited for floating offshore wind

Update on combination with AOW

• Deep complementary capabilities combining technical, development and execution track record
• Combination closed in August 2022
• Integration workstreams progressing well
• Developing existing projects and collaborating on new opportunities

Key auctions and tenders

• United States several auctions in 2022/23
• Norway first round expected in 2023
• UK Celtic Sea auction 2023
• Ireland seabed allocation 2023/24

Lekela Power

Mainstream realizes investment in Pan-African platform

Overview

• Established in 2015, the Lekela platform is owned by Actis (60%) and a Mainstream-led consortium (~13% Mainstream ownership)
• Over 1 GW platform of fully-operational assets
• 7 wind farms (South Africa: 5, Egypt: 1, Senegal: 1)

Sales Process

• In July 2022, signed sales agreement with Infinity Group and Africa Finance Corporation for an approximate enterprise value of USD 1.5 billion
• The planned exit reflects the successful culmination of Mainstream and Actis' partnership strategy for Lekela
• The divestment will generate net proceeds after tax to Mainstream of approximately USD 90 million

Key regional updates

Progress in Chile, South Africa, Philippines and Vietnam

Chile

• 0.8 GW fully operational with 2 Huemul projects (0.2 GW) reaching COD in Q3
• Two further Huemul projects (0.3 GW) on track to complete construction by year end
• Remaining two Andes projects to complete construction in 2023/24
• Current spot price volatility offset in part by diversified portfolio approach

South Africa

• Round 6: Bids submitted for REIPPP¹ Round 6 with results expected late Q4
• Round 5: Projects progressed towards full readiness for financial close
• Lease agreement signed with Eskom for 1,650-hectares for development
• 1.25 GW of private PPA opportunities in active discussions

Philippines

• Aboitiz Power JV signed on the Libmanan onshore wind project

Vietnam

• Ben Tre offshore wind farm project LiDAR installed in Q3

1. Renewable Energy Independent Power Producer Procurement Programme (REIPPP)

Asset Development

Aker Horizons Asset Development

Developing hydrogen projects and other green assets

Q3 highlights

• Signed power purchase agreement and land lease agreement for the Rjukan project, targeting final investment decision in 2023
• Collaborating with global steel player to develop green iron projects
• Key study contracts for hydrogen, ammonia and DRI kicked off in Narvik
• JV company with Nordkraft established to develop sites for green industries – civil work progressing as planned at Kvandal
• Joined hydrogen pipeline feasibility study from Norway to Germany with Gassco
• Expanding project funnel with opportunities in South Africa, Middle East and India
• US and EU hydrogen support mechanisms shaping up

Developments in key projects

Rjukan project | A blueprint project for further industrial development

Aker Horizons' first hydrogen plant in operation, de-risking portfolio

Expanding the opportunity space

1. Agreements relating to development pipeline include a mix of cooperation agreements and non-binding letters of intent setting out the purpose of the parties' cooperation to develop projects, but without firm obligations for the parties to execute the projects

Note: Green iron (DRI) projects are included with its relative share of electrolyzer capacity

Active farm-down strategy to reduce risk and increase return

Aker Horizons will develop, own and operate green energy and green industry projects with a clear farm-down strategy

Allows for a larger volume and increased size of projects

Increases return on equity

Limits long-term capital requirement

Maximizes decarbonization impact

Portfolio asset values

Net asset value¹

NOK billion, 30 September 2022

	AH %	AH
	ownership	value
Aker Carbon Capture	43.3%	3,646
Listed assets		3,646
Mainstream2	58.4%	12,905
Asset Development	100.0%	1,447
Other		216
Unlisted assets		14,569
Cash and receivables		4,392
GAV1		22,607
Liabilities3		(6,076)
NAV		16,530

Gross asset value distribution

NOK billion, 30 September 2022

1. Gross asset value is the sum of all assets determined by applying the market value of listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, and book value of other assets

2. Mainstream represents the combined Mainstream and Aker Offshore Wind, based on the most recent transaction value from the merger between Mainstream and Aker Offshore Wind and a subsequent further equity issue in August 2022, subscribed by minority shareholders. These transactions were based on the same value as in the Mitsui investment in the company in April 2022 and the Aker Offshore Wind valuation in triangular merger in June 2022.

3. Interest-bearing debt is booked net of fees. For the convertible bond, NOK 348m was booked as equity at inception

Aker Horizons and holding companies per Q3 2022

NOK million

Income statement
Operating revenue	27
Operating expenses	(57)
EBITDA	(30)
Value change	(695)
Net other financial items	(95)
Profit (loss) before tax	(819)

Balance sheet
Interest-bearing assets	27
Investments1	13,414
Current operating assets	71
Cash and cash equivalents	4,392
Assets	17,904
Equity	11,828
Interest-bearing debt	5,992
Non-interest bearing debt	84
Equity and liabilities	17,904

Q3 2022	Balance sheet	Q3 2022	Cash flow statement	Q3 2022
	Interest-bearing assets	27	Cash flow from operating activities	(59)
	Investments1	13,414
	Current operating assets	71	Net proceeds for investments and loans	90
	Cash and cash equivalents	4,392	Cash flow from investing activities	90
	Assets	17,904
			Cash flow from financing activities	(17)
	Equity	11,828	Total cash flow in the period	14
	Interest-bearing debt	5,992	Revaluation of cash and cash equivalents	0
	Non-interest bearing debt	84	Cash in the beginning of the period	4,377
	Equity and liabilities	17,904	Cash and cash equivalents 30 Sep 2022	4,392

External financing

NOK million

Liquidity and net interest-bearing debt

NOK million

Cash and undrawn RCF as of 30 September 2022 NOK million

Net interest-bearing debt as of 30 September 2022 NOK million

Capital structure

NOK billion

30 September 2022

Strong balance sheet and diversified access to capital

Q3 2022 Financing flexibility

Summary & outlook

Summary & outlook

Long-term outlook solidified, short-term rebalancing needed

Renewables investment decisions delayed due to inflation and supply chain issues LCOE has increased, but so has demand for power; PPA prices nearly doubled in Europe¹ UN Climate Change Executive Secretary states we are nowhere near the scale and pace required for 1.5 degrees Celsius – we need climate action implemented the next 8 years US Inflation Reduction Act represents a game changer

Maturing core investments

Combination of AOW and MRP creates strengthened offshore wind platform Created project development muscle for GW-scale decarbonization projects Deliver on value creation plans in ACC, MRP and SuperNode Mature and grow Aker Horizons' pipeline of decarbonization projects

Emerging opportunities for incubation and M&A

Extend business to additional Net Zero levers Use M&A as tool to grow companies and projects in Aker Horizons Enabled by solid financial position with liquidity of NOK 9.7bn

Additional information

Aker Horizons' 2025 Ambitions

1. The 25 Mt CO2e target consists of two main elements: 10 Mt CO2e of emissions reductions enabled through CCUS and ~15 Mt CO2e from avoiding emissions in electricity generation. Both targets include Aker Horizons projects in operation and in construction (as defined Aker Horizons' accounting policy) – taking into account an expected/estimated/observed capacity factor. The approach is based on the current draft of the GHG Protocol and may be updated in the future.

Note: Targets measure total capital investments, projects in operation and construction and annual emissions reduction from projects in operation and construction respectively (as defined by Aker Horizons' accounting policy), originated by Aker Horizons and platform companies, before sell-downs. For other projects, Aker Horizons' or platform companies' pro rata share of projects is applied.

Aker Horizons Net Asset Value

Per 30 September 2022, NOK million

	No.	Share	Market	AH %	AH	Per AH
	shares	Price	Cap	ownership	Value	share
Aker Carbon Capture	604.2	13.9	8,426	43.3%	3,646	5.3
Listed assets			8,426		3,646	5.3
Non-listed assets				AH % ownership	AH Value	Per AH share
Mainstream2				58.4%	12,905	18.7
Asset Development				100%	1,447	2.1
Other					216	0.3
Unlisted assets					14,569	21.1
Cash and receivables					4,392	6.4
GAV1					22,607	32.7
Liabilities3					(6,076)	(8.8)
NAV					16,530	23.9

1. Gross asset value is the sum of all assets determined by applying the market value of listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, and book value of other assets 2. Mainstream represents the combined Mainstream and Aker Offshore Wind, based on the most recent transaction value from the merger between Mainstream and Aker Offshore Wind and a subsequent further equity issue in August 2022, subscribed by minority shareholders. These transactions were based on the same value as in the Mitsui investment in the company in April 2022 and the Aker Offshore Wind valuation in triangular merger in June 2022.

2. Interest-bearing debt is booked net of fees. For the convertible bond, NOK 348m was booked as equity at inception

Sustainability integrated in all we do

Sustainability commitments across four core themes

Planet-positive impact

• Our investment thesis is grounded in a desire to be planet-positive
• We commit to accelerating Net Zero

Respect for people

• We are dedicated to respect for human rights
• We ensure diversity, inclusion and a secure working environment

Prosperity for all

• We strive for our solutions to contribute to reduced economic inequality
• We engage in science, technology and innovation to support our sustainability agenda

Good governance

• We ensure good corporate governance throughout our organization
• Planet-positive impact is a top strategic priority

Incorporated into responsible investment decisions and active ownership measures

Since 2021 Aker Horizons has been committed to the UN Global Compact corporate responsibility initiative and its principles in the areas of human rights, labor, the environment and anti-corruption

Mainstream Project Overview

Asset	Portfolio	Country	Technology	Gross Capacity (MW)	Economic interest	Net Capacity (MW)	P50 Production (GWh/y)	FC	COD	PPA Tariff 6	PPA Volume (GWh)	PPA Tenor (years)
						Operational
Alena	Andes – Condor	Chile	Wind	86	100%	86	291	2019	2021	USD 43	5281	20
Rio Escondido	Andes – Condor	Chile	Solar PV	145	100%	145	452	2019	2022	USD 43	5281	20
Cerro Tigre	Andes – Condor	Chile	Wind	185	100%	185	463	2019	2022	USD 42	4621	20
Tchamma	Andes – Condor	Chile	Wind	175	100%	175	456	2019	2022	USD 40	4401	20
Valle Escondido	Andes – Huemul	Chile	Solar PV	105	100%	105	345	2020	2022	USD 39	6381	20
Pampa Tigre	Andes – Huemul	Chile	Solar PV	100	100%	100	335	2020	2022	USD 39	6381	20
Loeriesfontein 2	Lekela R3	South Africa	Wind	138	5%	6.9	N/A	2015	2017	ZAR 766	N/A	20
Noupoort	Lekela R3	South Africa	Wind	79	5%	3.9	N/A	2015	2016	ZAR 1,0313	N/A	20
Kangnas	Lekela R4	South Africa	Wind	140	7%	9.8	N/A	2018	2020	ZAR 670	N/A	20
Khobab	Lekela R3	South Africa	Wind	138	5%	6.9	N/A	2015	2017	ZAR 752	N/A	20
Perdekraal East	Lekela R4	South Africa	Wind	110	7%	7.7	N/A	2018	2020	ZAR 759	N/A	20
West Bakr (BOO)	Lekela	Egypt	Wind	252	13%	32.8	N/A	2019	2021	USD 404	N/A	20
Taiba	Lekela	Senegal	Wind	158	12%	19.0	N/A	2018	2020	USD 95 / 1295	N/A	20
Operational Sub Total				1,811		883
						Construction
Puelche Sur	Andes – Huemul	Chile	Wind	156	100%	156	472	2020	2022	USD 39	6381	20
Llanos del Viento	Andes – Huemul	Chile	Wind	160	100%	160	453	2020	2023	USD 39	6381	20
Ckhúri	Andes – Huemul	Chile	Wind	109	100%	109	354	2020	2024	USD 43	3741	20
Caman	Andes – Copihue	Chile	Wind	148.5	100%	148.5	514	2021	2024	USD 44	2861,2	20
Construction Sub Total				574		574
Total Operational and Construction				2,385		1,456

1. For PPAs in Chile, DISCOs have the right but not the obligation to buy up to the contracted volume of the energy supplied by the generator. However, the DISCOs have the obligation to

buy contracted energy prior to making spot market purchases and can only turn to the spot market when demand exceeds the contracted volume under existing PPAs.

1. Additional PPA in advanced discussions. 3. 27% of the Noupoort PPA tariff is subject to indexation 4. 78% of tariff subject to indexation

2. 95 for years 1-16, 129 for years 17-20, (100% of tariff subject to indexation in year 1-16, 0% subject to indexation in year 17-20)

3. Base year for indexation: SA Round 3 2013, SA Round 4 2014, West Bakr 2014, Taiba 2018, and Andes Renovables projects 2016.

Mainstream Project Overview

Asset	Portfolio	Country	Technology	Gross Capacity (MW)	Economic interest	Net Capacity (MW)	Target FC	Target COD	PPA Tariff 6	PPA Volume (GWh)	PPA Term (years)
					Late stage development7
Caman 2	Andes - Copihue	Chile	Wind	58	100%	58	2024	2026	N/A	N/A	N/A
Entre Rios	Nazca - Humboldt	Chile	Wind	220	100%	220	2023	2025	N/A	6508	16
Tata Inti	Nazca - Humboldt	Chile	Solar PV	78	100%	78	2023	2025	N/A	6508	16
Andrómeda	Colombia	Colombia	Solar PV	100	100%	100	2023	2025	N/A	180	15
Kentani9	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A10	20
Klipfontein9	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A10	20
9 Klipfontein 2	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A10	20
Leliehoek9	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A10	20
Sonoblomo9	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A10	20
Braklaagte9	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A10	20
Sutherland9	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 428.27	N/A10	20
Trakas9	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 427.41	N/A10	20
Waaihoek9	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 529.78	N/A10	20
Rietrug9	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 428.27	N/A10	20
Beaufort West9	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 427.41	N/A10	20
Dwarsrug9	Round 5	South Africa	Wind	124	100%	124	2023	2025	ZAR 344.25	N/A10	20
Soc Trang Ph 1A	Vietnam	Vietnam	Offshore Wind	200	70%	140	2023	2025	N/A	N/A	N/A
Late stage development7 sub total				1,930		1,870
Remaining development projects						15,707
Total Development11						17,577

1. Base year for indexation: SA Round 5 projects is 2021

2. Refers to selected late stage development projects only. Late-stage development refers to stage 5 & 6 projects, i.e., those at permit application and pre-construction stage

3. Humboldt has a 16-year private 100% take –or –pay PPA

4. Round 5 projects awarded PPAs – Mainstream to develop and maintain a 25% economic interest under the terms of the JV with Globeleq / BEE shareholders post FC

44

1. PPA is full take-or-pay basis

2. Total Development refers to projects from stage 2 (land signing) through to stage 6 (pre-construction)

Mainstream Financial Information

Mainstream proforma accounts¹

EURm	FY 2021	Q1 2022	Q2 2022	Q3 2022	YTD 2022
Revenue	80	31	36	44	112
EBITDA	(116)	(31)	(66)	(52)	(149)
EBIT	(124)	(39)	(78)	(64)	(181)
Net profit	(172)	(53)	(97)	(98)	(247)
Total assets	2,721	2,838	3,545	3,665	3,665
Cash	362	314	747	557	557
Equity	1,144	1,181	1,799	1,845	1,845
Liabilities	1,577	1,657	1,746	1,820	1,820
Net interest-bearing debt	798	983	629	900	900

Highlights

• Mainstream's Income Statement is reflective of the principal activities of development, construction and operation of projects. This also includes losses from exposure to Chilean power purchase agreements driven by spot price increases prior to full portfolio commercial operation being achieved
• Chilean market is currently experiencing spot price volatility diversified portfolio approach provides mitigation
• Mainstream does not "mark to market" asset values, as a result, the P&L is not immediately reflective of value creation through the development and construction process
• Total assets illustrates Mainstream's ongoing shift to a Renewable Energy Major with assets increasing by EUR 1.0 bn in the past 9 months (Total assets: EUR 3.7bn Q3 2022, EUR 2.7bn FY 2021)
• The Andes portfolio in Chile is the largest component of total assets at over EUR 2.9bn, with balance largely split across property, plant and equipment, cash, and other items
• Lekela sale is not reflected in the P&L until closing
• Cash balance does not reflect Aela proceeds and expected Lekela proceeds. Since Q3 end, Aela proceeds of USD 113m have been received

Aker Horizons Asset Development Financial Information

AAD proforma accounts¹

NOKm	FY 2021	Q1 2022	Q2 2022	Q3 2022	YTD 2022
Revenue	14	3	4	0	7
EBITDA	(159)	(67)	(84)	(81)	(233)
EBIT	(162)	(68)	(85)	(82)	(235)
Net profit	(173)	(73)	(98)	(88)	(259)
Total assets	452	659	444	565	565
Cash	171	193	169	105	105
Equity	158	368	177	223	223
Liabilities	294	292	267	342	342
Net interest-bearing debt	(84)	(106)	(82)	(18)	(18)

Highlights

• Revenue driven by billing to projects where an SPV has been established
• Income statement reflective of the key activities in the period:
• o Maturing the projects in the pipeline
• o Business development activities to expand pipeline
• o Digitalization and standardization investments to boost profitability of projects
• o Building organization, developing processes, tools and procedures
• Project maturation costs consists mainly of own hours, consultants and third-party study costs
• Assets of NOK 565m are mainly Narvik sites and NOK 105m in cash
• Liabilities of NOK 342m are mainly related to acquisitions in Narvik

Disclaimer

This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Horizons ASA and Aker Horizons ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "intends", "may", "outlook", "plan", "strategy", "estimates" or similar expressions. Forward-looking statements include all statements other than statements of historical facts, including with respect to Covid-19 pandemic and its impacts, consequences and risks. You should not place undue reliance on these forwardlooking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Horizons' businesses, market acceptance of new products and services, changes in governmental regulations, actions of competitors, the development and use of new technology, particularly in the renewable energy sector, inability to meet strategic objectives, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the presentation. Although Aker Horizons ASA believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Aker Horizons ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither Aker Horizons ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. Any forward-looking statement and any other information included in this presentation speaks only as of the date on which such statement is made, and except as required by applicable law, we undertake no obligation to update any of these statements after the date of this presentation.

This presentation is being made only to, and is only directed at, persons to whom such presentation may be lawfully communicated ("relevant person"). Any person who is not a relevant person should not rely, act or make assessment on the basis of this presentation or anything included herein. This presentation does not constitute an offering of any of the securities described herein.

The Aker Horizons group consists of many legally independent entities, constituting their own separate identities. In this document we may sometimes use "Aker Horizons", "Group, "we" or "us" when we refer to Aker Horizons companies in general or where no useful purpose is served by identifying any particular Aker Horizons company.