Aker Horizons — Investor Presentation 2023

May 3, 2023

First-quarter results 2023

3 May 2023

Main developments

Continued positive momentum for Aker Carbon Capture

UK flagship projects bp's Net Zero Teesside Power and Viridor's Runcorn CCS proceed with governmental support

Solid progress on Brevik CCS and Twence CCU projects

Pre-FEED for European power utility customer with a mega-scale capture capacity

MRP facing challenges in Chile, positive developments in other core markets

Active engagement with Chile regulators and Government to address market inefficiencies Criteria and timing published for first Norwegian offshore wind allocation round ~100 MW corporate PPA signed with industrial offtake in South Africa

Offtake LOIs secured for Narvik Green Ammonia

Offtake LOIs with solid counterparties signed for ~1.5x volume for Narvik Green Ammonia Advanced negotiations for substantial amount of power for Narvik Green Ammonia Application submitted to EU Innovation fund for considerable support

EU firms up incentives to speed up deployment of hydrogen and CCS

The European Commission unveils plan for European Hydrogen Bank aiming to bridge the cost gap for renewable hydrogen and fossil fuels

The Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU, driving CCS projects in Europe

Aker Horizons accelerating Net Zero

IEA Net Zero 2050 pathway

Gt CO2

3

Aker Horizons focusing on three Net-Zero levers

Backbone of decarbonization

Decarbonize cement, gas-, biomass- and waste-to-energy and blue hydrogen

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 and derivative assets

4

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 with close to 60,000 operative hours

Key projects

Brevik CCS: the world's first carbon capture plant at a cement facility Progressing to capture 400,000 t/pa CO2 from 2024 Twence CCU: modular Just CatchTM plant for waste-to-energy plant Commenced EPC, 100,000 t/pa CO2 from end 2023 BP Net Zero Teeside: FEED for gas-to-power FEED in progress for potential Big Catch of 2 million t/pa CO2 Proceeded to final negotiations for UK Track 1 CCUS funding. SSE & Equinor Keadby 3: FEED for gas-to-power FEED in progress for potential Big Catch of 2 million t/pa CO2 Awaiting potential UK Track 1 cluster expansion.

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-, biomass- and waste-to-energy
• 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
• Mainstream is 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 hydrogen and derivates assets across hard-to-abate sectors

• Holistic and integrated value chain approach to accelerate Net Zero
• Large-scale projects enabled by strategic and financial partnerships

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 and derivatives will play a significant part in the race to Net Zero and is ideal for decarbonization of many hard-to-abate sectors

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 decarbonization – but if we continue adding renewable energy at our current pace, many of our grids will be overwhelmed by 2030

Aker Carbon Capture

Aker Carbon Capture

Highlights

• Letter of Intent for two Just CatchTM units
• Major projects progressing well with key equipment installed onsite at Brevik CCS and Twence CCU
• UK flagship projects proceeding to final negotiations for governmental support
• EU's Net-Zero Industry Act to accelerate deployment of CCS in Europe – targeting annual injection capacity of at least 50 million tonnes of CO2 by 2030

Accelerating market activity

UK Government funding

• bp's Net Zero Teesside Power and Viridor's Runcorn CCS successful bidders in UK Track 1 CCUS Cluster Sequencing Process
• SSE Thermal Keadby 3 positioning for potential Track 1 extension

Mobile Test Unit campaign for Fortum Waste Solutions

• Fortum Waste Solutions' facility in Nyborg, Denmark
• Waste incineration plant specialized in safe destruction of hazardous waste and turning it into energy
• Planned capture capacity 170,000 tonnes CO2 per year

Letter of Intent

• Letter of Intent for two Just Catch units with capture capacity of 200,000 tonnes CO2 per year

Pre-FEED and several studies awarded

• Pre-FEED for European power utility customer with a mega scale capture capacity
• Study for Fortum Waste Solutions
• Study for undisclosed European customer in the smelting industry
• Research and development achievements
• ACC's proprietary capture technology shown to be highly effective with flue gas from smelters
• Third generation Just Catch™ launched with improved energy efficiency, smaller footprint and fewer modules
• Completed membrane R&D project for high pressure CO2 separation

Extended MoU with Carbfix, CO2 storage provider

• Jointly offer full CCS value chain for industrial emitters, capturing and permanently storing CO2 by turning it into stone underground
• Strengthened collaboration for developing point source carbon capture with on-site storage across Europe and North America

Asset Development

Aker Horizons Asset Development

Developing hydrogen-based projects

Highlights

• Offtake LOIs with solid counterparties signed for ~1.5x volume for Narvik Green Ammonia
• Advanced negotiations to secure substantial amount of power for Narvik Green Ammonia
• Partnership discussions progressing to onboard industrial partners at both Rjukan and Narvik Green Ammonia
• EU support schemes materializing with the EU Hydrogen Bank announcing details of the first round of auctions, Aker providing feedback to scheme
• Application submitted to EU Innovation fund for significant support to Narvik Green Ammonia project

Introducing Narvik Green Ammonia

Large-scale ammonia production (part of Narvik Green Industrial Hub)

NARVIK GREEN AMMONIA

PROJECT DATA

CAPACITY: Up to 600 MW PLANNED FID: 2025 EQUITY PARTNERS: 100% Aker Horizons

• Further maturing discussions with industrial partners to join project
• Offtake LOIs signed for ~1.5x volume with solid international counterparties
• Advanced negotiations to secure substantial amount of power
• Access to considerable grid capacity secured
• Application submitted to EU Innovation fund for significant support
• Completed feasibility study, proving viability of project
• Request sent to Narvik municipality in April to start formal zoning / permitting process
• Civil and electrical works going as planned, site ready for energization late 2023

Progressing partnership discussions

Green Hydrogen to decarbonize Eastern Norway

RJUKAN GREEN HYDROGEN

PROJECT DATA

CAPACITY: 20-40 MW1 PLANNED FID: 2023 EQUITY PARTNERS: 100% Aker Horizons

• Signed LOI for substantial offtake from phase I, mature discussions for additional volume
• Progressing partnership discussions with leading industrial gas company, with intention to sign a Joint Development Agreement to mature project to FID
• Land agreement and long-term PPA signed
• Pre-FEED civil work and landslide concept study completed, and permitting process progressing
• DG2 passing before summer
• Joint concept evaluation study on circular economy in Rjukan completed and maturing dialogue with byproduct offtakers and stakeholders

Developments in key projects from wider portfolio

EU firming up incentives to speed up deployment of H2

The European Commission unveils plan for European Hydrogen Bank

• Potential game-changer for hydrogen projects in Europe
• Aims to bridge the cost gap between renewable hydrogen and fossil fuels
• Key to achieving the EU targets for renewable hydrogen of 10 Mt domestic production and 10 Mt imports by 2030
• Pilot auction in autumn 2023 with a budget of EUR 800m for a fixed price payment per kg subsidy for hydrogen produced for up to 10 years
• The pilot auction and subsequent auctions will be financed by the EU Innovation Fund and will be open for Norwegian projects

Mainstream Renewable Power Chile market update

Chile is suited for renewable development

Key commentary

• First OECD member country in South America
• Credit rating: A (S&P), A2 (Moody's), A- (Fitch)
• Strong political decarbonization agenda CO2 tax and coal phase-out goal by 2030
• Second highest GDP per capita in South America
• Has some of the best solar resource in the world
• Solid and flexible hydropower base to accommodate intermittent renewables
• High power demand per capita (similar to DK)

BloombergNEF Climatescope emerging markets ranking (2022)

Relative attractiveness for clean power investment and deployment

20

Chile has fostered world leading growth in renewables

Key commentary

• Healthy demand growth in an emerging economy with a large mining sector – compounded average annual growth (2010-2023): 6.8%
• Continues to attract domestic and foreign investment from large international energy players
• Has exceeded all expectations for growth in renewables, especially solar PV

Cumulative installed capacity (GW)

21

Chilean power market at a glance

The Chilean power system has worked well but is now under stress due to the increase of renewable penetration and the lack of flexibility of the transmission system

Mainstream has a leading role in the power sector in Chile

Key commentary

• Mainstream is the largest 100% wind and solar company in Chile
  • Current portfolio: 1.1 GW in operation, 260 MW not yet reached COD
  • Development pipeline: 1.2 GW wind, 0.2 GW solar
• Mainstream is balanced with more wind than solar vs peers
• Mainstream is well balanced geographically, with plants both north and south of the main load center

Top wind and solar players in Chile – installed wind and solar capacity (GW)

23

High pace green transition creating challenges in Chile

Grid under stress due to the increase of renewable penetration

Key commentary

• The high growth in renewables, especially solar, is creating large regional imbalances
• The market consequences of the imbalances are to a large extent carried by renewable companies
• Increasingly solar production in parts of the country in the summer will overshoot demand
• Solutions are underway, but some need time:
  • Battery deployment
  • Grid infrastructure upgrade
  • Flexible solutions to increase the capacity of existing grid
  • Demand side flexibility

North Chile node – average December pricing

25

2022 – A tough year for renewables in Chile

Delayed commissioning of wind plants – spike in internodal price risk – spike in system costs

Covid

• Supply chain issues, delayed construction
• Turbine deliveries and local installation capacities seriously curtailed

Drought

• 7th consecutive year of below normal precipitation
• Hydropower normally represents 30% of the power generation and much of the system services, such as ancillary services and balancing
• Loss of production vs. normal year: (30%)

War in Ukraine

• Fuel prices spiked significantly in 2022
• Coal and gas are the main price setters in non-solar hours in Chile, and the main cost driver for System Costs

Average power prices and system costs vs 2021

Chile market design no longer fit for purpose

Regulator recognizing changes are needed, but policy response to date inadequate

Active engagement with regulator and Government Signatories

• January: Power market regulator (CNE) proposed 15 technical and regulatory measures recognizing that changes are needed
• February: Mainstream and 8 other renewable energy companies sent a letter to the Energy Minister with a proposal to modify renewable energy tariffs
• March: The proposals spurred debate with support from ACERA (the renewables association) and opposition from incumbent operators
• April: In response, the Energy Minister launched 10 initiatives "to accommodate the second half of the energy transition"

Inadequate policy response

• ACERA (19 April): "…we consider the proposal insufficient, given that the measures do not present solutions with immediate or short-term effects…".
• Renewables companies, including Mainstream, remain unduly exposed to increased system costs and pricing volatility

Mainstream Renewable Power Business update

Mainstream Renewable Power

Leading pure-play renewable energy company

Highlights

• Chile: 1.1 GW fully operational with 0.3 GW reaching COD in Q1
• Market challenges in Chile continue as grid transmission remains dislocated
• South Africa: ~100 MW corporate PPA signed with industrial off-taker
• Offshore wind: Norwegian criteria and timing published
• 20.6 GW global pipeline additions in South Africa and Australia
• Continued financial discipline and prioritisation of key projects

Key portfolio updates

Onshore wind and solar

Chile

• 1.1 GW fully operational across Andes platform with two Huemul projects (0.3 GW) reaching COD in Q1
• Two Andes projects remain to complete construction
• Actively pursuing mitigation by addressing market inefficiencies with the regulator and government through industry associations
• Financial advisor appointed and active dialogue with lenders on the longterm capital structure for the Andes Renovables portfolio

Africa

• ~100 MW Corporate PPA signed with industrial off-taker
• Further corporate PPA opportunities in active discussions
• South African R5 solar PPAs signed with financial close expected in 2023
• Lekela platform sale close in March, cash to be reflected in Mainstream's accounts in Q2 (net proceeds of USD ~90m)

Philippines

• Libmanan onshore wind project progressing well with construction to start late 2023

Key portfolio updates

Offshore wind

Norway

• Announcement of Norway's first area allocation round with a total capacity of 3 GW
• The first round includes bottom-fixed at Sørlige Nordsjø II (1,500MW) and floating at Utsira Nord (3x500MW)
• Sørlige Nordsjø 2: pre-qualification deadline of August 4th
• Utsira Nord: application deadline of September 1st

Sweden

• Freja Offshore, a 50-50 JV with Hexicon, submitted a planning application for the Mareld floating wind farm (capacity up to 2.5 GW)

Ireland

• Change in Government approach for Phase 2 from developer-led to plan-led

South Korea – KF Wind

• Preparing submission of draft EIA report to the government in mid 2023

ScotWind – Arven Offshore Wind

• Commenced digital aerial surveys for birds and marine mammals in April

20.6 GW net1 global pipeline

Global portfolio of 31 GW net

projects in South Africa and Australia

Portfolio asset values

NOK million

Net asset value1

NOK million, 31 March 2023

	AH %	AH
	ownership	value
Aker Carbon Capture	43.3%	3,863
Listed assets		3,863
Mainstream2	58.4%	12,169
Asset Development	100.0%	1,948
Other		239
Unlisted assets		14,356
Cash and IB receivables		3,773
GAV1		21,992
Liabilities3		(6,188)
NAV		15,804

Gross asset value distribution

NOK billion, 31 March 2023

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

1. Most recent transaction value adjusted for subsequent impairment recognized in Mainstream's accounts

2. 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 Q1 2023 NOK million

Income statement
Operating revenue	29
Operating expenses	(62)
EBITDA	(33)
Value change	841
Net other financial items	(83)
Profit (loss) before tax	725

Balance sheet
Interest-bearing assets	26
Investments1	16,021
Current operating assets	49
Cash and cash equivalents	3,773
Assets	19,869
Equity	13,681
Interest-bearing debt	6,117
Non-interest bearing debt	71
Equity and liabilities	19,869

Q1 2023	Balance sheet	Q1 2023	Cash flow statement	Q1 2023
	Interest-bearing assets	26	Cash flow from operating activities	(74)
	Investments1	16,021
	Current operating assets	49	Net payment for investments	(271)
	Cash and cash equivalents	3,773	Cash flow from investing activities	(271)
	Assets	19,869
			Cash flow from financing activities	-
	Equity	13,681	Total cash flow in the period	(345)
	Interest-bearing debt	6,117	Revaluation of cash and cash equivalents	2
	Non-interest bearing debt	71	Cash in the beginning of the period	4,116
	Equity and liabilities	19,869	Cash and cash equivalents 31 March 2023	3,773

External financing

NOK million

Debt Total facility Key terms Subordinated shareholder loan NOK 2,000m 6.0% coupon per annum, with deferral option against a 1.0% deferral fee Subordinated convertible bond NOK 1,500m 1.5% coupon per annum (PIK). Initial conversion price at NOK 43.75 per share Senior unsecured green bond NOK 2,500m 3m NIBOR + 325 bps coupon per annum Revolving credit facility EUR 500m Accordion option to upsize the facility amount to EUR 600m. Maturity extended to May 2025. Option for a further 1-year extension Debt maturities NOK million 2,500 2,000 5,697 2021 2022 2023 2024 2025 2026 8,197 RCF Convertible bond Green bond Shareholder loan Overview of financing facilities 1

1,500

3,500

Liquidity and net interest-bearing debt

NOK million

Cash and undrawn RCF as of 31 March 2023 NOK million

5,697 9,470 3,773 Undrawn RCF Cash Cash and undrawn RCF 31 March 2023 Interest-bearing debt Undrawn RCF 6,117 2,344 5,697 3,773 Debt Cash and IB receivables Net interest-bearing debt 31 March 2023

Net interest-bearing debt as of 31 March 2023 NOK million

Capital structure at Q1 2023

Key figures Capital structure

1. EURNOK of 11.3940 per 31 March 2023

2. RCF covenant LTV = (Senior interest-bearing debt - cash) / (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). Interest-bearing debt for the covenant calculation is net of fees. For the convertible bond, NOK 348m is booked as equity at inception

Global pipeline of wind and solar assets

Pipeline reflects assets in development, construction and operational

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	100%	86	291	2019	2021		5281	20
Rio Escondido	Andes – Condor	Chile	Solar PV	145	100%	145	452	2019	2022	USD 43
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
Puelche Sur	Andes – Huemul	Chile	Wind	156	100%	156	472	2020	2023		6381	20
Llanos del Viento	Andes – Huemul	Chile	Wind	160	100%	160	453	2020	2023	USD 39
Operational Sub Total				1,112		1,112
Construction
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	20
Construction Sub Total				258		258
Total Operational and Construction				1,370		1,370

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.

Mainstream Project Overview

Asset	Portfolio	Country	Technology	Gross Capacity (MW)	Economic interest	Net Capacity (MW)	Target FC	Target COD	PPA Tariff 2	PPA Volume (GWh)	PPA Term (years)
					Late stage development3
Caman 2	Andes - Copihue	Chile	Wind	49	100%	49	2025	2027	N/A	N/A	N/A
Entre Rios	Nazca - Humboldt	Chile	Wind	224	100%	224	2024	2026	N/A	N/A	N/A
Andrómeda	Colombia	Colombia	Solar PV	100	100%	100	2024	2026	N/A	N/A	N/A
Kentani4	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A5	20
Klipfontein4	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A5	20
Klipfontein 24	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A5	20
Leliehoek4	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A5	20
Sonoblomo4	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A5	20
Braklaagte4	Round 5	South Africa	Solar PV	75	100%	75	2023	2025	ZAR 374.79	N/A5	20
Sutherland4	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 428.27	N/A5	20
Trakas4	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 427.41	N/A5	20
Waaihoek4	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 529.78	N/A5	20
Rietrug4	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 428.27	N/A5	20
Beaufort West4	Round 5	South Africa	Wind	140	100%	140	2023	2025	ZAR 427.41	N/A5	20
Dwarsrug4	Round 5	South Africa	Wind	124	100%	124	2023	2025	ZAR 344.25	N/A5	20
Libmanan	Philippines	Philippines	Wind	90	40%	36	2023	2026	N/A	N/A	N/A
Soc Trang Ph 1A	Vietnam	Vietnam	Offshore Wind	200	70%	140	2024	2026	N/A	N/A	N/A
Late stage development3 sub total				1,937		1,821
Remaining development projects						17.4 GW
Total Development6						19.2 GW

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 4 & 5 projects, i.e., those at permit application and pre-construction stage

3. 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

4. PPA is full take-or-pay basis

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

41

Mainstream Financial Information

Mainstream proforma accounts1

EURm	FY	Q1	Q2	Q3	Q4	FY	Q1
	2021	2022	2022	2022	2022	2022	2023
Revenue	80	31	36	44	43	155	44
EBITDA	(116)	(31)	(66)	(52)	(23)	(172)	(51)
EBIT	(124)	(39)	(78)	(64)	(456)	(637)	(65)
Net profit	(172)	(53)	(97)	(98)	(309)	(556)	(46)
Total assets	2,721	2,838	3,545	3,665	2,949	2,949	2,837
Cash	362	314	747	557	512	512	411
Equity	1,144	1,181	1,799	1,845	1,345	1,345	1,243
Liabilities	1,577	1,657	1,746	1,820	1,605	1,605	1,594
Net interest bearing debt	798	983	629	900	806	806	867

Highlights

• Mainstream's Income Statement is reflective of the principal activities of development, construction and operation of projects
• Market challenges remain in Chile with operators exposed to difference in prices at injection to the grid and withdrawal. Forced transmission line maintenance in Q1 also resulted in further losses
• The Andes portfolio in Chile is the largest component of total assets at over EUR 2.3bn, with the balance largely split across property, plant and equipment, cash, and other
• Gains on Lekela sale recognized in Q1 2023 of EUR 28m. Proceeds of USD 39m were received in April 2023 with a further USD 51m expected later in Q2 2023

Aker Horizons Asset Development financial information

AAD proforma accounts1

NOKm	FY	Q1	Q2	Q3	Q4	FY	Q1
	2021	2022	2022	2022	2022	2022	2023
Revenue	14	3	4	-	-	7	14
EBITDA	(159)	(67)	(84)	(81)	(103)	(336)	(57)
EBIT	(162)	(68)	(85)	(82)	(104)	(339)	(58)
Net profit	(173)	(74)	(98)	(88)	(106)	(366)	(67)
Total assets	452	659	444	565	782	782	892
Cash	171	193	169	105	167	167	215
Equity	158	368	177	223	468	468	660
Liabilities	294	292	267	342	314	314	232
Net interest bearing debt	(84)	(106)	(82)	(18)	101	101	152

Highlights

• Income statement reflective of the key activities in the period:
  • Revenue mainly driven by a divestment of a small corporate unit
  • Continuing to mature the projects in the pipeline
  • Establishing partnerships on key assets
  • Focused business development activities to expand portfolio
  • Developing concepts, processes and tools
• Project maturation 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 and Rjukan assets
• Assets of NOK 892m are mainly related to industrial sites in the Narvik area
• Liabilities of NOK 232m are mainly related to acquisitions in Narvik

Aker Horizons Asset Development pipeline

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

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.

Sustainability integrated in all we do

Sustainability commitment 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 commitments and decarbonization of industries

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 a responsible investment decision process and measures for responsible active ownership

Alignment with international frameworks

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

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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