Cambi ASA — Investor Presentation 2021

Mar 9, 2021

Cambi ASA Q4 2020 9 March 2021

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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.

With you today

Eirik Fadnes

Maarten Kanters Andreas Lillebø

CEO of Cambi Group Managing Director of Cambi Invest COO of Cambi Group

Market 2

THP value proposition

3

Q&A

4

This is Cambi

Solutions enabling a swift transition to sustainable communities

Highlights and financial review

Cambi was successfully listed on

9 February 2021

• Private placement raised NOK 302 million of growth capital
• DNB Asset Management and Handelsbanken Fonder as cornerstone investors
• Honoured by strong interest from Nordic, European and global investors
• Five times oversubscribed

Committed to create value for new and existing shareholders

2020 ended the second-highest order intake in history

First contracts in Ukraine and Hong Kong, two new contracts in both the USA and UK

Lviv, Ukraine

New thermal hydrolysis sludge treatment plant

Gaoantun, Beijing, China

Upgrade to improve operations and process performance

Norsk Gjenvinning, Larvik

Handling and composting garden waste

Two recycling contracts near Oslo

Handling garden waste and sludge, respectively

Piscataway, near Washington DC, USA Shek Wu Hui, Hong Kong, China Neuse River, Raleigh, NC, USA Recycling contracts in Drammen and Larvik Stoke Bardolph. Nottingham, UK Finham, Coventry, UK

Strong and well-distributed backlog

Cambi ASA

Includes options making up c. NOK 18 million of the Grønn Vekst backlog as of Q4 2020. Over the past years, close to 100% of options have been exercised. Note that until options are exercised, there can be no assurance that the projects will be realised.

Resilient performance from Services and Recycling

Financial highlights - Cambi ASA

Cambi holds a solid financial position

Assets	31 December 2020	31 December 2019
Intangible assets	45.4	43.4
Tangible fixed assets	20.2	175
Financial assets	21	73
Fixed assets	67.7	68.2
Inventories	273	20.9
Debtors	141.5	121.5
Bank deposits	46.0	125.2
Current assets	214.7	267.6
Total assets	282.4	335.8

Equity and Liabilities	31 December 2020	31 December 2019
Paid-in capital	20.7	20.7
Retained earnings	117.7	113.4
Equity	138.4	134.1
Long-term liabilities	14.7	20.3
Short-term liabilities	129.3	181.4
Liabilities	144.0	201.7
Total equity and liabilities	282.4	335.8

Well-positioned for long-term sustainable growth

First contracts in Ukraine and Hong Kong. Strong pipeline of active projects.

Strong and well-distributed backlog

Resilient performance from Services and Recycling

Strong balance sheet supporting growth plan

Outlook

• Based on February FX rates expect full year revenue of NOK 480 510 million
• EBITDA margin between 12 and 14 per cent

Market segments and potential

Strategic focus on two operating segments

Objective to increase recurring revenue streams from Services, DBO Projects and Recycling

Cambi is ideally positioned to benefit from macrotrends

As enabler of a swift global transition to sustainable communities

Equipment sales have always been Cambi's core activity

• Standardised THP plants for both megacities and small municipalities
• In-house manufacturing in the UK, highly scalable production capacity
• Conservative market, but Cambi is increasingly accepted as a "best practice" sludge treatment process

25 years of thermal hydrolysis, a global market created and still dominated by Cambi

Installed capacity in million people equivalent

Tremendous growth potential

Capitalising on good references

Services are growing with the installed base

Upgrades of ageing plants to state-of-the-art standard, operations support, and performance optimisation

Upgrade portfolio

• Energy efficiency
• Capacity expansion
• Asset life extension
• Ancillaries
• Tailor-made solutions

Parts, operational support & advisory

• 90% of customers buy spares for pumps, valves and other wear parts
• Annual maintenance and remote support (PLUS) increasingly in demand

Cambi THP process trains by years in operation

Recycling is a resilient pillar for recurring revenue

Grønn Vekst is the market leader for soil products in Norway, with solid growth potential

Grønn Vekst (Norway)

• Recycling of organic resources from households and industry
• Produces high-quality soil products based on compost, as substitutes for peat-based products
• Norway's largest soil producer, with more than 250,000 tons sold in 2020

improvement

based soil

Market potential in Norway

Cambi Invest offers financed sludge solutions

Equity investors

Invest

DBO Projects' – the complete Cambi solution

• Design and Build: optimal THP integration to minimise cost
• Operations: improve plant performance to maximise asset value
• Disposal: reduce sludge handling unit cost by developing markets using Grønn Vekst know-how

Easier for customers to implement THP

• No CAPEX, pay for service at competitive rates
• Allows focus on the core operations, water and wastewater treatment
• Access the environmental benefits without the (perceived) risks of complex treatment solutions

DBO contracts to be organized as separate Special Purpose Vehicles (SPV)

Key focus areas for Cambi going forward

Marketing

• Increase awareness about Cambi's value proposition
• Expand sales pipeline with new leads in all markets

Research & development

• Continuously improving process performance
• Optimise integration and resource recovery

Recurring revenue streams

• Take share of THP value creation in DBO projects
• Grow the Grønn Vekst recycling business internationally

Cambi THP value proposition

Cambi THP is the responsible choice

Excellent biosolids. No pathogens Forget about odour complaints Lowest carbon footprint

Value of smaller digesters Produce more biogas

Pay less for disposal

Better environment Solid business case Reliable performance

Unmatched uptime Continuous improvements Lifelong customer support

Excellent biosolids quality for safe reuse

Better environment

Source: DC Water's resource recycling business enabled by Cambi THP at the Blue Plains WWTP near Washington, DC The smaller pictures above are from Slupsk and Bydgoszcz, respectively

Forget about odour complaints

Better environment

Source: Bloom Soil, DC Water's resource recycling business enabled by Cambi THP at the Blue Plains WWTP near Washington, DC

Q4 2020 earnings presentation | 24

Increased flexibility for biosolids disposal or reuse

Thermal hydrolysis is suitable for all biosolids disposal routes as it cuts costs by improving dewatering

Lowest carbon footprint

Better environment

Beijing lowered its emissions equivalent to 1.5 million cars Case study

Emissions related to sludge management in Beijing

Baseline Landfill	Alternative Incineration	Solution Cambi THP with biosolids recycled to land
very high emissions of methane (a very potent greenhouse gas)

1.8 million tonnes CO2 equivalent reduction

2.2 million tonnes CO2 equivalent reduction

714 000 European cars emit one million tonnes CO2 per year

Urban growth puts spatial pressure on utilities

Wastewater treatment plants are increasingly often surrounded by residential areas

London map with Beckton (1864) and Crossness (1865) sewage treatment plants now located inside the city

Value of smaller digesters

Solid business case

THP minimises digester footprint in space-constrained wastewater treatment plants

Illustration of sludge line asset footprint without THP (left) and with THP (right)

Reduced load on dryers

Psyttalia Athens, Greece

Flexible and innovative utilization of Cambi THP

Four different configurations

Higher biogas production brings revenue or cuts cost

Solid business case

Biogas performance

With different THP configurations at Thames Water sites

THP (before digester)

WAS-only THP

THP (between digesters)

Beijing Drainage Group: +43% with THP

Pay less for disposal

Solid business case

30-60% less biosolids to disposal

• Higher conversion of the organic matter into biogas
• Better dewatering

Beijing Higher quality sludge

Higher quality sludge can reduce cost per tonne, in some cases even turned into a product

Source: Bloom Soil, DC Water's resource recycling business enabled by Cambi THP at the Blue Plains WWTP near Washington, DC

Unmatched uptime

Reliable performance

1. Plant Operation Start Date	Date of 1 Sept 1995
2. Annual Operation Hours Record	Operation Year	Operation Hours
	1995-2014	350 d/y,24 h/d
	2011	358 d/y, 24 h/d
	2012	358 d/y, 24 h/d
3. Trouble Outbreak Situation	2013	358 d/y, 24 h/d
	2014	358 d/y, 24 h/d
4. Plant Modification	Name of Equipment	CambiTHP
5. Operating results - Name of Project Hias Wastewater company), Hamar, Norway - Equipment type : Cambi Thermal Hyon	None (only normal maintenance) - Actually treated capacity. 11 t dry solds (DS coansion with additional digester, by Cambil	None Expansion with additional THP read
Substance Type : Sewage Sludge Volatile Solid Reduction Rate : 63% Dry Solids concentration in dewatered cake: 38% DS	by Cambi. This is to certify that the above statement is true May 08, 2015 Thorbjom Netteland Operations Manager	May 08, 2015 County Governor of Hedglark (Schalure)
	nature)

Hamar, Norway

Hias plant in operation

since 1995

without unplanned THP stops

Q4 2020 earnings presentation | 34

Continuous technology improvements

Reliable performance

Chertsey, UK in operation since 1999

2020 product development milestone

an upgrade that considerably improves process energy efficiency and enables carrying out planned maintenance with the plant in operation

Basingstoke, UK in operation since 2018

Lifelong customer support

Reliable performance

Process Live Update Support

Excellent biosolids. No pathogens Forget about odour complaints Lowest carbon footprint

Value of smaller digesters Produce more biogas Pay less for disposal

Better environment Solid business case Reliable performance

Unmatched uptime Continuous improvements Lifelong customer support

Thank you

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