Aker Horizons — Interim / Quarterly Report 2024

Feb 13, 2025

Fourth-quarter results 2024

13 February 2025

Main developments

Aker Carbon Capture: proposed dividend of NOK 3.5bn and new contract award in SLB Capturi

• Board of Directors of ACC ASA has proposed a dividend of gross NOK 3.5 billion, net NOK 1.5 billion to AKH
• SLB Capturi with significant industrial milestones Twence hand-over and EPCIC contract award for Just Catch 400 unit to Hafslund Celsio

Two projects in South Africa progressing toward COD targets, improved commercial margin in Andes

• ~150 MW under construction in South Africa, progressing toward COD targets
• Continued positive development for Andes portfolio commercial margin in Q4
• Cost optimization initiative well underway with a target of ~65% decrease in payroll and overhead cost base

Signed offtake term sheet for Narvik Green Ammonia (NGA), developing Powered Land business

• Signed term sheet for 150 ktpa offtake with VNG for NGA
• Signed collaboration agreement with major European utility targeting ownership share from DG2 for NGA
• Kvandal site with 230 MW ready-to-build, attractive for power intensive industries

SuperNode planning full-scale testing of their superconducting technology this year

• Prototype of SuperNode's full-scale superconducting system to be tested in own facility H1 2025
• First full-scale demo in real TSO environment to be conducted at National Grid Deeside facility later in 2025

Aker Carbon Capture: proposed NOK 3.5bn dividend

Leading industrial partnership with SLB

Mainstream Renewable Power

Mainstream Renewable Power

Leading pure-play renewable energy company

Highlights

• Chile Andes Renovables platform (1.0 GW fully operational) commercial margin improved further in Q4
• Chile Ckhúri 109 MW onshore wind project construction progressing towards COD in H2 2025
• South Africa 97.5 MW Corporate PPA solar project on track for COD in Q2 2025
• South Africa Construction start for Ilikwa 50 MW solar project and on track for COD early 2026
• ~65% reduction in underlying cost base targeted by 2026, EUR 34 million reduction delivered in 2024

Andes operational update

Andes commercial margin¹

• Positive commercial margin improved further in Q4, due to lower internodal price differences on a year-on-year basis and PPA price increases from updated indexations. The lower internodal price differences were mainly driven by seasonally higher hydro generation, resulting in lower withdrawal prices.

Ckhúri construction

• Positive progress continues following full construction release by CMN² in July and contractors now mobilized across main site, substation, and overhead line
• COD target of H2 2025, providing optionality given PPA was terminated in 2023

Regulation

• Tariff Stabilization Law third publication has released payments corresponding to the period from March 2024 to June 2024. For Q4, Mainstream recognized EUR 7 million in revenues with cash impact, including accruals, expected to be EUR 12 million. Andes – Cash and debt positions EURm

Andes quarterly commercial margin (EURm)³

Cash (restricted)	124
Project Finance debt	1,020
Mezzanine debt4	143
Net interest-bearing debt5	1,039

1. Generation revenue net of system cost and PPA commitment

• 1. CMN: Consejo de Monumentos Nacionales, National Monuments Council (Chile)
• 1. Q4, Q3 and Q2 2024 margin includes EUR 7m, EUR 6m and EUR 20m, respectively, from reassessment revenues for prior periods due to the Tariff Stabilisation Law
• 1. Mezzanine debt nominal value at 31 December 2024 was EUR 143m, and EUR 80m on a carrying value basis
• 1. Excluding intragroup shareholder loan

Construction update

Construction progressing on schedule for COD targets

97.5 MW¹ , solar PV – Corporate PPA

• Partnership between Mainstream Renewable Power (49%) and B-BBEE investors (51%)
• November 2023: Financial close reached, supported by 20-year Corporate PPA with Sasol and Air Liquide
• Commercial operation date (COD) on-track for Q2 2025

50 MW¹ , solar PV - Ilikwa

• Partnership between Mainstream Renewable Power (70%) and Investec Bank Limited (30%)
• October 2024: Financial close reached, marking Mainstream's first dedicated Renewable Energy Supply Agreements (RESA² ) project
• Construction has started; commercial operation targeted early 2026

109 MW¹ , onshore wind - Ckhúri

• Partnership between Mainstream Renewable Power (90%) and Ares Management (10%)
• 2024: Resumed construction across main site, substation, and overhead line
• Commercial operation targeted in H2 2025

1. Gross figures

1. B-BBEE: Broad-Based Black Economic Empowerment

2. RESA: New flexible PPA product where private customers can procure from a group of generating facilities, achieving many of the same benefits as PPAs, but with more flexible terms such as shorter-term energy contracts of between 5 and 10 years

Development pipeline

Selected upcoming development project milestones

South Africa	Australia	South Korea	Assets in development, construction and operation
100 MW1 , solar PV - Vrede	272 MW2 , onshore wind – Sunny Corner	363 MW3 , offshore wind – Korea Floating Wind	Capacity distribution by geography APAC LatAm (4.5 GW)
• Targeting Renewable Energy Supply Agreements (RESAs) Financial close estimated to • H2 2025	• Partnership with Someva Renewables Installation of met mast Q2 • 2025	• Partnership with Ocean Winds and Kumyang Upcoming government • auction in 2025	(3.5 GW) 10% 30% 22.7 GW Europe (2.4 GW) 60%
Pre-construction stage with • permitting completed and land secured	Investigative permit • awarded, Light Detection and Ranging (LiDAR) deployed and Environmental Impact Statement (EIS) initiated	Secured Environmental • Impact Assessment (EIA) and Transmission Service Agreement (TSA)	Africa Capacity distribution by technology Offshore Wind (4.8 GW) 8% 47% 22.7 GW (8.4 GW) Onshore wind 45% (9.5GW)

construction and operation

Capacity distribution by technology

1. South Africa solar PV: 100 MW net and gross

2. Sunny Corner: 272 MW net, 533 MW gross

3. Korea Floating Wind (KF Wind): 363 MW net, 1,125 MW gross

Lean and focused Independent Power Producer

Focus on building operating capacity through project execution in core markets and capital efficiency

Focus on developing high quality pipeline and accelerating growth Cost optimization continues through 2025

Core growth markets
South Africa		APAC1
Development	12.2 GW	Development	1.8 GW
Construction	0.1 GW	Construction	-
Operational	-	Operational	-
Total net	12.3 GW	Total net	1.8 GW
Installed renewable capacity South Africa, 2024-2030e CAGR +30%		Installed renewable capacity AUS & PHP, 2023-2030e CAGR +8%	CAGR +20%
11 GW	52 GW	92 GW 54 GW	29 GW 8 GW
2024	2030e	2023 2030e	2023 2030e

All figures shown on a net ownership basis as of 31 December 2024. Subtotals and totals may not equal the sum of the amounts shown due to rounding.

1. Figure excludes non-core: Vietnam (1.3 GW offshore wind and 0.3 GW solar), offshore wind in South Korea (0.4 GW), and offshore wind in Gippsland, Australia (0.7 GW)

2. EUR 84 million excluding rationalization costs

Sources: IEA, Rystad Energy, Ember

Asset Development

Aker Horizons Asset Development

Developing industrial decarbonization assets

Highlights

• Signed term-sheet for 150 ktpa offtake with VNG for Narvik Green Ammonia
• Zoning application for optimized concept at Lallasletta on public hearing
• Signed collaboration agreement with major European utility targeting ownership share in Narvik Green Ammonia from DG2
• Agreement reached with Norwegian Hydrogen for the sale of the Rjukan asset. Option to enter at FID for up to 20% equity
• Kvandal site with 230 MW ready-to-build, attractive for power intensive industries
• Public hearing on zoning for Ballangsleira
• Outlook improved for expected power balance in Northern Norway over the next 7-8 years¹

Narvik Green Ammonia

Term sheet for significant offtake with VNG and collaboration agreement with major European utility

Key information and updates

– 430 MW / 350 ktpa green ammonia abating 500k tpa of CO²

– 10-year PPA with Statkraft and 250 MW grid reserved with Statnett. Additional 200 MW application submitted

– Planned farm-down to industrial partners at DG2

Key updates

• Signed term sheet for 150 ktpa offtake with VNG
• Zoning application for optimized concept on public hearing
• Signed collaboration agreement with major European utility targeting ownership share from DG2

Aker Horizons Asset Development

Asset Development: Capitalize on Powered Land

9 highly attractive sites secured, strategically located close to power grid and logistic infrastructure

Powered Land 80/20 partnership with regional utility Nordkraft Ready-to-build Kvandal site with 230 MW grid installed

NO1-NO5 refers to pricing zones for electricity in Norway. Unit "ha" is hectare

1. Excluding NO4

2. Range between EUR/MWh 37-69 in SE1-SE4 Source: Nord Pool

Aker Horizons Asset Development

Financials

AKH consolidated income statement Q4 2024

Amounts in NOKm1	ACC	MRP	AAD	Other & elim.	Q4 24 Total	Q3 24 Total
Operating revenues and other income	-	592	2	45	640	666
Operating expenses	-21	-621	-28	-57	-727	-865
EBITDA	-21	-29	-26	-12	-88	-199
Depreciation, amortizations and impairments	-	-99	-1	-7	-107	-1 328
EBIT	-21	-128	-26	-19	-195	-1 526
Share of profit (loss) JV's and associates	-49	-44	-	12	-81	-212
Net financial items	106	-478	-4	50	-326	-464
Tax benefit (expense)	-13	-39	-	-	-53	-2
Profit (loss) discontinued operations	-2	-	-	-	-2	-
Net profit (loss)	21	-689	-31	42	-657	-2 204
AKH's share of net profit (loss)	9	-404	-29	42	-381	-1,249

Net capital employed

1. Net capital employed is a measure of all assets employed in the operation of a business. The number reflects AKH's share of the portfolio companies net capital employed, calculated as total assets less debt.

External financing and commitments

Ongoing process to optimize overall capital structure

Overview of debt financing facilities and commitments

Debt	Total facility incl. PIK	Key terms
Revolving credit facility1	EUR 500m	Maturity May 2025
Senior unsecured green bond1	NOK 2,500m	3m NIBOR + 325 bps coupon per annum with maturity in August 2025
Subordinated shareholder loan	NOK 2,550m	6.0% coupon per annum, with deferral option against a 1.0% deferral fee with maturity in January 2026
Subordinated convertible bond	NOK 1,590m3	1.5% coupon per annum (PIK). Initial conversion price at NOK 43.75 per share with maturity in February 2026
Commitments	Total amount	Key terms
MRP DNB facility commitment	USD 129m	AKH commitment to provide MRP shareholder loan, callable in March 2025

1. Covenant LTV = (Senior interest-bearing debt – cash) / (market value listed companies + book value unlisted companies). As of 30 December 2024, this was–6% (vs. covenant of +50%)

2. EUR/NOK of 11.795 as of 31 December 2024

3. NOK 89m of the NOK 1,590m is booked as equity

Liquidity and net interest-bearing debt

Cash and undrawn RCF¹ as of 31 December 2024 NOK million

Net interest-bearing debt as of 31 December 2024 NOK million

Mainstream project overview

Asset	Portfolio	Country	Technology	Gross Capacity (MW)	Economic interest	Net Capacity (MW)	P50 Production (GWh/y)	FC	COD	PPA Tariff	PPA Volume (GWh)	PPA Tenor (years)
Operational
Alena	Andes – Condor	Chile	Wind	86	90%	77.4	291	2019	2021		5281	20
Rio Escondido	Andes – Condor	Chile	Solar PV	145	90%	130.5	452	2019	2022	USD 43
Cerro Tigre	Andes – Condor	Chile	Wind	185	90%	166.5	463	2019	2022	USD 42	4621	20
Tchamma	Andes – Condor	Chile	Wind	175	90%	157.5	456	2019	2022	USD 40	4401	20
Valle Escondido	Andes – Huemul	Chile	Solar PV	105	90%	94.5	345	2020	2022		6381
Pampa Tigre	Andes – Huemul	Chile	Solar PV	100	90%	90.0	335	2020	2022	USD 39		20
Puelche Sur	Andes – Huemul	Chile	Wind	156	90%	140.4	472	2020	2023		6381	20
Llanos del Viento	Andes – Huemul	Chile	Wind	160	90%	144.0	453	2020	2023	USD 39
Operational Sub Total				1,112		1,001
Construction
Corporate PPA	South Africa	South Africa	Solar PV	97.5	49%	47.8	270	2023	2025	N/A	N/A	N/A
Ilikwa	South Africa	South Africa	Solar PV	50	70%	35.0	141	2024	2026	N/A	N/A	N/A
Ckhúri	Andes – Huemul	Chile	Wind	109	90%	98.1	354	2020	2025	N/A2	N/A2	N/A2
Caman	Andes – Copihue	Chile	Wind	148.5	90%	133.7	514	2021	N/A	N/A2	N/A2	N/A2
Construction Sub Total				405		315
Development
Late-stage development3						8.7 GW
Early-stage development4						12.7 GW
Development Sub Total5						21.4 GW
Total Pipeline						22.7 GW

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. These Andes Renovables PPAs, which were awarded in 2016, have full CPI indexation from that date.

2. Ckhúri DISCO PPA terminated July 2023, Caman DISCO PPA terminated December 2024

3. Late-stage development refers to stage 4 & 5 projects, i.e. those at permit application and pre-construction stage

4. Early-stage development refers to stage 2 & 3 projects, i.e. those at land signing and Environmental and Social Impact Assessment (ESIA) stage

5. Total Development refers to projects from stage 2 (land signing) through to stage 5 (pre-construction)

Global pipeline of wind and solar assets

Pipeline reflects assets in development, construction and operation

Mainstream financial information

Amounts in EURm	2023	Q124	Q224	Q324	Q424	2024
Revenue	179	45	66	56	47	213
EBITDA	(138)	(8)	5	(14)3	(2)	(20)
EBIT	(687)	(24)	(8)	(127)	(10)	(170)
Net profit	(549)	(57)	(34)	(176)	(58)	(325)
Total assets	1,869	1,843	1,896	1,716	1,814	1,814
Cash	224	186	187	183	196	196
Equity	671	622	595	409	368	368
Liabilities	1,199	1,221	1,301	1,307	1,446	1,446
Net debt2	760	840	898	902	991	991

Key financial information

• Mainstream's income statement is reflective of the principal activities of development, construction and operation of projects
• Positive commercial margin continued in Q4, due to lower internodal price differences on a year-on-year basis and PPA price increases from updated indexations. The lower internodal price differences were mainly driven by seasonally higher hydro generation, resulting in lower withdrawal prices. Combined, Q4 commercial margin for Andes was EUR 23 million¹ . In addition, EUR 7 million revenue for prior periods was recognized in the quarter due to reassessments following the Tariff Stabilisation Law in Chile. The cash impact, including accrued amounts, is expected to be circa EUR 12 million
• EBITDA in Q4 reflects the positive effect of cost base reductions. Q4 net profit includes finance expenses of EUR 36 million, of which EUR 13 million relates to the new financing facility put in place at the end of 2023 and EUR 21 million from deferred interest on senior and mezzanine debt
• The Andes portfolio in Chile remains the largest component of total assets at over EUR 1.3 billion, with the balance split across property, plant and equipment, cash and receivables

• Restricted cash of EUR 162 million at the end of the quarter, mainly related to Andes and South Africa portfolio. Net debt increased due to drawdown on the financing facility, deferred interest and FX translation effect of USD loans.

• Generation revenue net of system cost and PPA commitment

Aker Horizons Asset Development financial information¹

Amounts in NOKm	2023	Q124	Q224	Q324	Q424	2024
Revenue	17	1	-	10	2	12
EBITDA	(223)	(65)	(36)	(18)	(26)	(144)
EBIT	(226)	(66)	(36)	(18)	(26)	(147)
Net profit	(293)	(75)	(39)	(21)	(31)	(167)
Total assets	959	970	900	928	918	918
Cash	93	109	43	38	19	19
Equity	695	690	677	707	686	686
Liabilities	263	281	223	222	232	232
Net debt	(41)	(59)	8	9	29	29

• Income statement reflective of the key activities in the period
  • Continuing to mature the projects in the pipeline
  • Establishing partnerships on key assets
• Project costs consist mainly of own hours and third-party study costs, where a large portion of the spend has been dedicated to maturing the Narvik Green Ammonia project, as well as Powered Land activities
• Assets of NOK 918 million are mainly related to industrial sites in the Narvik area
• Liabilities of NOK 232 million are mainly related to acquisitions in Narvik

Aker Horizons and holding companies per Q4 2024 NOKm

Income statement
Operating revenue (net)	20
Operating expenses	(41)
EBITDA	(21)
Value change	-
Net other financial items	53
Profit (loss) before tax	32

6,335
424
2,932
9,691
3,059
6,578
56
9,691

Q4 2024	Balance sheet	Q4 2024	Cash flow statement	Q4 2024
	Investments1	6,335	Cash flow from operating activities	(24)
	Current operating assets	424
	Cash and cash equivalents	2,932	Net payment for investments	(10)
	Assets	9,691	Cash flow from investing activities	(10)
	Equity	3,059	Cash flow from financing activities	-
	Interest-bearing debt	6,578	Total cash flow in the period	(34)
	Non-interest-bearing debt	56	Revaluation of cash and cash equivalents	-
	Equity and liabilities	9,691	Cash in the beginning of the period	2,967
			Cash and cash equivalents 31 Dec 2024	2,932

²⁵ 1. Aker Horizons ASA and holding companies prepares and presents its accounts in accordance with the Norwegian Act and generally accepted accounting principles (GAAP), to the extent applicable. Accordingly, exchange-listed shares owned by Aker Horizons and holding companies are recorded in the balance sheet at the lower of market value and cost price

Sustainability

Sustainability commitment across three core themes

Environment

• Our investment thesis is grounded in a desire to be planet-positive, and we commit to accelerating Net Zero commitments and decarbonization of industries

Social

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

Governance

• We ensure good corporate governance throughout our organization

Alignment with international frameworks¹

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.

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