First-quarter results 2025

8 May 2025

Main developments

Aker Carbon Capture: First portion of NOK 3.5bn dividend paid to shareholders in Q1

Net to AKH: NOK 1.26bn dividend received in March, NOK 0.26bn in May
Earn-out of NOK 71m related to Hafslund Celsio contract award paid by SLB
High commercial activity in SLB Capturi with several tenders in process

Completed refinancing of MRP, securing funding for growth in core markets South Africa and APAC

Three projects of combined 350 MW advancing toward financial close within next 18 months in South Africa
Sale of Colombia portfolio, totaling 675 MW, to local developer Celsia
New CEO, Morten Henriksen, appointed and relocation of corporate headquarters from Dublin to Oslo

Exploring potential for data centers with Nordkraft in the north of Norway

Potential data center could leverage the ready-to-build Kvandal site
Narvik Green Ammonia awaiting feedback on grid application, DG2 postponed until clarity on grid is obtained

SuperNode completed initial full-scale testing of their superconducting technology

Prototype of SuperNode's full-scale superconducting system tested successfully in own facility in March
A demo with 30 meters transmission distance to be conducted mid-2025

Aker Carbon Capture: Dividends received

Leading industrial partnership with SLB

strategic entry in North America while continuing Northern European leadership and exploring position in rest of Europe and Middle East

Selected projects and deliveries:

100,000 tn CO² p.a. in operation

400,000 tn CO² p.a. hand over completed 2024

500,000 tn CO² p.a. hand over 2025/2026

350,000 tn CO² contract award

800,000 tn CO² FEED contract

Mainstream Renewable Power

Global pure-play renewable energy company

Highlights

Chile Andes Renovables platform (1.0 GW fully operational); commercial margin was affected by the nationwide blackout on February 25th and the subsequent precautionary reduction in transmission line capacity
Chile Ckhúri 109 MW onshore wind project construction experiencing delays however on target for COD in H2 2025
South Africa Continued progress on construction with Corporate PPA project targeting COD at the end of Q2 2025 and Ilikwa with COD target in late H1 2026
South Africa Three projects are advancing toward financial close within the next 18 months, with a combined expected capacity of 350 MW
Sale of 675 MW portfolio of predominantly early-stage wind and solar assets in Colombia
Appointment of Morten Henriksen as Group CEO from April, relocation of corporate headquarters from Dublin to Oslo
MRP continues to review the commercial viability of its offshore wind portfolio with a target to realize accelerated exits, amid supply chain risks, a challenging regulatory environment and political uncertainty facing the sector

Andes operational update

Andes commercial margin¹

Overall results for the quarter ended broadly in line with target
Margin declined compared to previous quarters, primarily due to a blackout in Chile on February 25th and reduced capacity on the main North–South Central transmission line through March 18th.

Tariff Stabilization Law adjustments

• In 2025, Tariff Stabilization Law reassessments are expected to be minimal, as the historical pick-up resulting from the 2021 price freeze has largely been settled

Andes quarterly commercial margin (EURm)²

Excluding intragroup shareholder loan

^1. Generation revenue net of system cost and PPA commitment

^2. 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

^3. Mezzanine debt nominal value at 31 March 2025 was EUR 140m, and EUR 79m on a carrying value basis

Construction update

Construction progressing toward 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) by end 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 H1 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

B-BBEE: Broad-Based Black Economic Empowerment
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 – Core growth markets

Selected upcoming development project milestones

South Africa

100 MW¹ , solar PV - Vrede

Targeting Renewable Energy Supply Agreements (RESAs)
Financial close within the next 12 months
Pre-construction stage, grid capacity reserved, project procurement and debt financing underway

150 MW¹ , onshore wind - Waaihoek

Financial close within the next 12 months
Project moved to pre-construction stage in April with permitting completed, land secured and grid capacity reserved

100 MW¹ , solar PV - Vlakfontein

Financial close anticipated in mid 2026
Pre-construction stage with permitting completed, land secured and grid capacity reserved
1. South Africa: 100% MRP ownership (Gross MW = Net MW)

Australia

533 MW² , onshore wind – Sunny Corner (51% MRP Ownership)

Partnership with Someva Renewables
Installation of met mast Q2 2025
Development work-streams ongoing to submit applications for planning approvals

639 MW³ , onshore wind – Harrami

Long-term land tenure secured in Q1-25
Development studies ongoing in preparation for submission of planning approvals

Asset Development

Aker Horizons Asset Development

Developing sustainable industrial assets

Highlights

Exploring potential for data centers together with Nordkraft, leveraging the ready-to-build Kvandal site
Strong customer interest from data center players
NVE grid concession application for expansion of current capacity at Kvandal progressing
Feedback from public hearing for Ballangsleira zoning implemented and updated zoning plan submitted in April
Narvik Green Ammonia awaiting feedback from Statnett on grid application, DG2 postponed until clarity on grid is obtained

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

Excluding NO4
Range between EUR/MWh 37-69 in SE1-SE4 Source: Nord Pool

Aker Horizons Asset Development

Potential for data centers at Kvandal

Narvik Green Ammonia

Further progress dependent on grid award from Statnett

Signed term sheet w/ VNG

250 MW Statnett reservation

Signed 10-year PPA

DG2 Timing dependant on grid award

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

Awaiting outcome of 200 MW grid application with Statnett
Cost reductions being implemented due to increased uncertainty
Pending outcome of grid application, DG2 timeline will be revisited

Financials

AKH consolidated income statement Q1 2025¹

Amounts in NOKm1	ACC	MRP	AAD	Other & elim.	Q1 25 Total	Q4 24 Total2
Operating revenues and other income	0	631	6	6	643	639
Operating expenses	-7	-735	-37	-25	-804	-727
EBITDA	-7	-104	-31	-19	-161	-88
Depreciation, amortizations and impairments	0	-132	-1	-1	-134	-82
EBIT	-7	-236	-31	-20	-295	-170
Share of profit (loss) JV's	-41	-12	0	-9	-62	-81
Net financial items	65	-265	-3	-157	-360	-312
Tax benefit (expense)	-9	-2	0	0	-10	-10
Profit (loss) discontinued operations	71	0	0	0	71	-2
Net profit (loss)	79	-514	-35	-186	-656	-575
AKH's share of net profit (loss)	34	-285	-30	-186	-467	-338

Restated to reflect final Q4 24 financials

Net capital employed

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 liabilities.
Net capital employed restated to reflect final Q4 24 financials
Book value related to OFW NOK 0.8bn (100% basis, AKH holds 58.4% of MRP equity). Please see note 12 in annual report 2024 for sensitivities.

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 as of March 31, 2025
Revolving credit facility1	EUR 500m	Maturity May 2025 (Undrawn, will not be extended)
Senior unsecured green bond1	NOK 2,500m	3m NIBOR + 325 bps coupon per annum with maturity in August 2025
Subordinated shareholder loan	NOK 2,585m	6.0% coupon per annum, with deferral option against a 1.0% deferral fee with maturity in January 2026
Subordinated convertible bond	NOK 1,596m3	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, USD 75m provided in April, remaining USD 53m to be provided in 2025/2026
MRP shareholder loan	EUR 45m	Can be drawn until maturity at year-end 2026, with draw-downs contingent on reaching certain milestones under new MRP strategy
Sponsor	Total amount	Key terms
MRP letter of credit	EUR 45m	Can be drawn until maturity at year-end 2026, with draw-downs contingent on reaching certain milestones under new MRP strategy

Covenant LTV = (Senior interest-bearing debt – cash) / (market value listed companies + book value unlisted companies). As of 31 March 2025, this was –24.2% (vs. covenant of +50%)
EUR/NOK of 11.413 as of 31 March 2025. Expires in May 2025 and will not be extended
NOK 69m of the NOK 1,596m is booked as equity

DNB facility and new shareholder loan and letter of credit¹ USDm

Additional support provided to MRP EURm

Liquidity and net interest-bearing debt

Cash and undrawn RCF¹ as of 31 March 2025 NOK million

Net interest-bearing debt as of 31 March 2025 (Book value) NOK million

EURNOK of 11.413 per 31 March 2025
Available as of 31st March. Expires in May 2025 and will not be extended
Excluding MRP commitments

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
Rio Escondido	Andes – Condor	Chile	Solar PV	145	90%	130.5	452	2019	2022	USD 43		20
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
Pampa Tigre	Andes – Huemul	Chile	Solar PV	100	90%	90.0	335	2020	2022	USD 39	6381	20
Puelche Sur	Andes – Huemul	Chile	Wind	156	90%	140.4	472	2020	2023
Llanos del Viento	Andes – Huemul	Chile	Wind	160	90%	144.0	453	2020	2023	USD 39	6381	20
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 (On hold)	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						8.9 GW
Early-stage development4						12.9 GW
Development Sub Total5						21.9 GW
Total Pipeline						23.2 GW

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.
Ckhúri DISCO PPA terminated July 2023, Caman DISCO PPA terminated December 2024
Late-stage development refers to stage 4 & 5 projects, i.e. those at permit application and pre-construction stage
Early-stage development refers to stage 2 & 3 projects, i.e. those at land signing and Environmental and Social Impact Assessment (ESIA) stage
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

Note: All figures shown on a net ownership basis at 31 March 2025. LatAm: Sale of Colombia development pipeline (0.6 GW) in April 2025 not reflect in the above numbers. Subtotals and totals may not equal the sum of the amounts shown due to rounding

Mainstream financial information

Amounts in EURm	2023	Q124	Q224	Q324	Q4243	20243	Q125
Revenue	179	45	66	56	47	213	54
EBITDA	-138	-8	5	-14	-2	-20	-9
EBIT	-687	-24	-8	-127	-8	-167	-20
Net profit	-549	-57	-34	-176	-51	-318	-44

Total assets	1869	1,843	1,896	1,716	1,814	1,814	1,783
Cash	224	186	187	183	196	196	201
Equity	671	622	595	409	371	371	316
AKH share of equity	378	349	335	234	211	211	180
Liabilities	1,199	1,221	1,301	1,307	1,442	1,442	1467
Net debt2	760	840	898	902	992	992	994

Key financial information

Mainstream's income statement is reflective of the principal activities of development, construction and operation of projects.
Commercial margin¹ ended at EUR 15 million for the quarter, negatively affected by the nationwide blackout in the Chilean power market on 25 February including follow-on effects, impacting both the internodal price differences and curtailment volumes.
Net loss in Q1 of EUR 44 million includes finance expenses of EUR 31 million, of which EUR 11 million relates to the DNB financing facility and EUR 20 million from deferred interest on senior and mezzanine debt related to Andes portfolio.
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 158 million at the end of the quarter, mainly related to Andes and South Africa portfolio. Net debt in the quarter reflects drawdown on the financing facility and deferred interest, offset by FX translation effect of USD loans.
MRP continues to review its offshore wind portfolio, amid challenges facing the sector, with a view to exiting projects where this is deemed commercially beneficial. Book values of the Offshore Wind portfolio are EUR 67 million at the end of Q1-25. Please refer to note 12 in the Aker Horizons annual report 2024 for sensitivities.
Commercial margin reflects generation revenue net of system cost and PPA commitment for the assets in the Andes portfolio
Net debt reflects borrowings at carrying values
Figures have been restated to reflect final 2024 financial results

Aker Horizons Asset Development financial information¹

Amounts in NOKm	2023	Q124	Q224	Q324	Q424	2024	Q125
Revenue	17	1	-	10	2	12	6
EBITDA	-223	-65	-36	-18	-26	-144	-31
EBIT	-226	-66	-36	-18	-26	-147	-31

Net profit	-293	-75	-39	-21	-31	-167	-35

Total assets	959	970	900	928	918	918	973
Cash	93	109	43	38	19	19	71
Equity	695	690	677	707	686	686	744
AKH share of equity	541	529	517	543	524	524	573
Liabilities	263	281	223	222	232	232	229
Net debt	-41	-59	8	9	29	29	-26

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 (80% owned by Aker Horizons)
Assets of NOK 973 million and liabilities of NOK 229 million are mainly related to industrial sites in the Narvik area
Aker Horizons Asset Development AS is a fully-owned subsidiary of Aker Horizons. The proforma accounts also include investments and activities to the land portfolio in Northern Norway (80% owned by Aker Horizons)

Sustainability

Sustainability commitment across three core themes

Environment

• We develop green energy and green industry to accelerate the transition to Net Zero

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.

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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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