Cambi ASA

Investor Presentation • Nov 30, 2021

Cambi ASA Q3 2021

30 November 2021

Eirik Fadnes, CEO Cambi Group Maarten Kanters, Managing Director Cambi Invest

Disclaimer

This Presentation is strictly confidential and may not be reproduced or distributed, in whole or in part, to any other person. This Presentation is for information purposes only, and it is expressly noted that no representation or warranty, expressed or implied, as to the accuracy or completeness of any information included herein is given by the Cambi ASA and that no information, including projections, estimates, targets and opinions, contained in this Presentation is or can be relied upon as a promise or representation by Cambi ASA.

This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as Cambi ASA is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. While all steps have been taken to ensure the accuracy of this Presentation, Cambi ASA does not accept any responsibility for any errors or resulting loss or damage whatsoever caused and readers have the responsibility to thoroughly check these aspects for themselves. Enquiries about reproduction of content from this publication should be directed to Cambi ASA.

This Presentation contains forward-looking statements that relate to the current plans, objectives, forecasts and estimates of Cambi ASA. These statements only take into account information that was available up to and including the date that this Presentation was prepared. Cambi ASA makes no guarantee that these forward-looking statements will prove to be right. The future development of Cambi ASA and its subsidiaries and the results that are actually achieved are subject to a variety of risks and uncertainties which could cause actual events or results to differ significantly from those reflected in the forward-looking statements. Many of these factors are beyond the control of Cambi ASA and its subsidiaries and therefore cannot be precisely predicted.

Market drivers support investments in biogas technologies

Net-zero pledges Methane targets Record gas prices

• Municipalities and water utilities set targets to become carbon neutral
• THP facilitates the transition in the most economical way

30% cut in methane emissions requires capture & utilisation of biogenic sources, i.e. more biogas, stable biosolids with less volatile content

• "Sense of urgency" to increase own energy production where possible
• Increasing operational cost of alternative solutions

US infrastructure

Opportunity for acceleration of US projects financed as a result of the Infrastructure Investment and Jobs Act

Sales pipeline maturing and increasing

Active projects up 15% so far in 2021

Revenue and EBITDA growth

Cambi ASA

• Revenue of NOK 130 million, up 28% YoY
• EBITDA of NOK 16.3m
• ‣ 12.5% margin, +795bps
• ‣ Solid project execution and operating leverage in Cambi Group, margin 14.8% (+1,285 bps)
• ‣ Higher SG&A from sales and business development activities
• Lower activity level in Grønn Vekst market

YTD EBITDA before non-recurring items

5

Solid project execution and operating leverage

Revenue development by segment | Q3 2021 vs. Q3 2020 | Million NOK

Margin and activity growth

EBITDA growth | Q3 2021 vs. Q3 2020 | Million NOK

Order intake and backlog Q3 2021

• No awards in the market for THP in Q3, but signed some variation orders/ upgrades
• ‣ Several larger contracts coming closer to award
• Two important Recycling contracts in Cambi Invest
• 45% of the backlog with delivery schedules/milestones after 2022

Backlog distribution

Numbers are in million NOK Million NOK equivalent at Q3 2021 FX

Strong financial position

			Unaudited, in NOK million
Assets	Q 3 2021	Q 3 2020	Year 2020
Intangible assets	46.0	44.8	45.4
Tangible assets	19.9	16.0	20.2
Financial assets	2.7	1.5	2.1
Total non-current assets	68.6	62.3	67.7
Inventories	34.8	32.4	27.3
Debtors	149.3	110.0	141.6
Financial assets	200.8
Bank deposits	141.3	37.5	46.0
Total current assets	526.2	179.9	214.8
Total assets	594.8	242.2	282.6

Equity	Q 3	Q 3	Year
	2021	2020	2020
Total equity	456.0	128.2	138.4

Liabilities	Q 3 2021	Q 3 2020	Year 2020
Non-current liabilities	11.5	17.1	14.7
Current liabilities	127.3	96.9	129.5
Total liabilities	138.8	114.0	144.2
Total equity and liabilities	594.8	242.2	282.6

Cambi Invest

Lower EBITDA due to growth investments and revenue decrease Million NOK

• Revenue of NOK 25 million, slight decrease
• EBITDA of NOK 0.8m
• Higher cost level growth investments
• Lower market demand for soil in the Recycling subsegment
• Unfavourable product mix development

Grønn Vekst secured two cornerstone contracts

Million NOK

Bergen, Norway Q3

In July, Grønn Vekst was awarded a contract for handling biosolids for the municipality of Bergen

Oslo, Norway

Grønn Vekst was awarded a contract for handling biosolids from the Bekkelaget sewage treatment plant in Oslo

High activity in DBO development

• Timeline for signing first DBO contract remains unchanged
• Increasing sales pipeline
• ‣ Several new projects identified
• ‣ Earlier opportunities resurfacing

Several approaches to DBO project development

Private operators

Introduce THP as part of existing concessions

Proposing solutions to cities, aiming for negotiated contract

Merchant facilities

Identify merchant plant possibilities serving several (smaller) customers

Municipalities Public tenders

Responding to relevant DBO/ BOT/ PPP tenders

Outlook

Outlook

Adjusted due to project timeline changes. Cambi long term perspective on profitability remains the same.

	2021	2022
Revenue (million NOK)	460-480	510
EBITDA (%)	9-10	9-10
Adjusted due to	Timeline changes in backlog projects as customers adapt project schedules	Risk of timing delays in contract awards Higher costs from growth investments across all segments

Thank you

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