Cambi ASA

Investor Presentation • Sep 27, 2023

Cambi ASA Capital Markets Update

27 September 2023

Eirik Fadnes, CEO Mats Tristan Tjemsland, CFO

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Disclaimer

The 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 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 check these aspects for themselves thoroughly. Enquiries about the reproduction of content from this publication should be directed to Cambi ASA.

This presentation contains forward-looking statements related to the current plans, objectives, forecasts and estimates of Cambi ASA. These statements only consider available information up to the date that this presentation was prepared. Cambi ASA makes no guarantee that these forward-looking statements will prove right. The future development of Cambi ASA and its subsidiaries and the achieved results 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.

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Cambi is strongly positioned for value creation

Capital Markets Update 2023

Global leader in wastewater sludge treatment solutions with solid track record

DOWN THE DRAIN IS A UNIQUE CIRCULAR OPPORTUNITY

An unfortunate truth:

Half of the world's wastewater is released into the environment untreated

Source: "Wastewater - Turning Problem to Solution", United Nations EP (2023)

"Decades of mismanaging our water resources through overconsumption, pollution and insufficient recycling have led to a global water crisis."

• United Nations Environment Programme, 2023

Biodiversity

Human health

Pollution

Wastewater treatment is a unique circular opportunity

If treated, wastewater can:

GLOBAL LEADER IN WASTEWATER SLUDGE TREATMENT SOLUTIONS WITH ROBUST TRACK RECORD

Our mission

Improving the environment by transforming wastewater solids and organic wastes into valuable bioresources through reliable solutions for municipal utilities and industries

We do this through our Thermal Hydrolysis Process

Cambi's Thermal Hydrolysis Process (THP) converts wastewater sludge into valuable bioresources

Cambi is a diverse and innovative company committed to creating sustainable cities

• Cambi's culture is based on innovative thinking, teamwork and treating each other with kindness and respect
• Our 147 colleagues share a common purpose and passion for creating more environmentally friendly cities around the world
• We are a multicultural team with a mix of young and experienced colleagues from more than 20 countries
• We are a gender diverse organization, In 2020, our female representation was at 19%, and in 2023 this has increased to 26%

Based on more than three decades of experience, 115 million people are served by our technology daily

Global presence and a solid track record of delivered installations

Cambi is a trusted partner for leading water utilities worldwide

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PROVEN THERMAL HYDROLYSIS TECHNOLOGY WITH UNIQUE VALUE PROPOSITION

Cambi transforms sewage sludge into renewable resources

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Cambi THP offers a highly attractive value proposition

Cambi THP significantly reduces the volume of biosolids, and the high-quality product is safe for further handling

Biosolids without thermal hydrolysis treatment

• ₓ Limited sterilization
• ₓ Smelly
• ₓ Hard to de-water

Biosolids with thermal hydrolysis treatment

• ✓ Up to 50% reduced volume
• ✓ Guaranteed pathogen kill
• ✓ Odor-free
• ✓ Easy de-watering

Example:

Our customer DC Water has turned their THP biosolids into a garden soil product sold in the consumer market

Safe to handle and with earthy odor

Cambi THP significantly increases the rate of biogas production

• The wastewater utility for London Metropolitan area
• Repeat customer with Cambi projects

25-40% more

▪ Reports biogas generation increase up to 49%

Beijing Drainage Group

• compared to conventional anaerobic digestion ▪ The wastewater utility for Beijing metropolitan area
• Repeat customer with 5 Cambi projects
• Reports biogas generation increase up to 40%

Example:

THP avoids costly investments in more digesters, beneficial for space-constrained wastewater plants

Example:

The city of Beijing significantly reduced its carbon footprint through installation of Cambi THP technology

Emissions related to sludge management in Beijing, China

Thermal hydrolysis is suitable for all biosolids disposal routes, significantly reducing the biosolids volume to be handled

CONVERSATION:

Grønn Vekst is the largest bulk soil producer in Norway, specialized in recycling organic resources and waste fractions

Grønn Vekst has a solid track record and growth potential in downstream markets

Market share of Grønn Vekst

STRONGLY POSITIONED IN ATTRACTIVE MARKET SUPPORTED BY MACRO TRENDS

Tailwind from several macro trends drive the demand for our technology solutions going forward

Urbanization Regulations Circular economy

Infrastructure investments

Global capital expenditures for wastewater utilities is projected to reach a staggering USD 263 billion in 2030

Cambi operates in a large market, which is expected to grow significantly towards 2030

After more than 30 years of developing thermal hydrolysis, Cambi has delivered most of the global installed capacity today

Installations

Solid market penetration and growth since the 2021 IPO

The achieved market penetration in selected markets shows the significant potential for our technology globally

People serviced by installed capacity

NORTH AMERICAN MARKET CONVERSATION:

It has taken time to develop the North American market, but the plant delivery for DC Water in 2014 was a turning point for Cambi

Timeline of signed references in North America

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In North America, Cambi's THP references have the capacity to handle the wastewater sludge for more than 15 million people

Large addressable market of more than 3,000 plants has been identified

Identified targets 3,000+

Sales pipeline

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To concentrate our efforts, Cambi will focus less on Design-Build-Operate projects

Cambi will reduce our strategic efforts to actively seek plant ownership

Neutrality. Desirability of staying neutral in public tenders and offering our solutions to all bidders

New go-to-market strategy. Focusing efforts on activities that result in the most adaptation of THP worldwide

SCALABLE PLATFORM POSITIONED FOR FUTURE DEVELOPMENT

New financial reporting structure will improve alignment between company strategy, operations, and financials

Technology

Sales, R&D, manufacturing and delivery of world-class technology for sludge treatment

Value-adding services beyond delivery of world-class sludge treatment technology

The Technology segment covers all phases leading up to the installation of our technology

• Sales, manufacturing and delivery of THP installations to clients globally
  • Covering a broad range of sludge line equipment scopes
    • From subcontractor to engineering, procurement, and construction
    • Further innovate the technology platform through R&D
  • Acquiring complementary technologies to broaden product portfolio
• Financial performance expected to have variations

Historical financials for Technology segment shows a long-term positive trend, with variations between reporting periods

Historical key financials

NOK million, not audited

Profit & Loss statement

NOK million, not audited

TECHNOLOGY	2018	2019	2020	2021	2022	2023 H1
Revenue	206	105	191	268	239	329
COGS	66	11	73	114	107	121
Gross margin	139	94	118	153	132	208
Payroll	88	84	89	99	105	62
Other expenses	69	45	42	46	71	54
Operational expenses	157	129	131	146	176	117
EBITDA	-18	-35	-13	7	-44	91

Cambi offers standardized and modular technology solutions that can be scaled to fit any customer need

Small projects

50-250 thousand people equivalent

Containerized footprint. Delivered on one skid in one transport

Installation takes one week, commissioning can be done within twothree weeks

10 process trains delivered

Portfolio of standardized THPs

Medium to large projects

From 250 thousand people equivalent

Transported to side with eight truck transports in modules

Installation takes three weeks and commissioning can be done within twothree weeks

43 process trains delivered

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Extra large projects

From 1 million people equivalent

Components assembled on site

Installation time is two to three months. Commissioning takes three-four weeks.

59 process trains delivered

We have continued our standardization efforts beyond the delivery of core thermal hydrolysis solution for our customers

Standardized sludge line Standardized THP system for retrofit Greenfield Brownfield

Cambi has a flexible delivery model, able to deliver both as a subcontractor for THP equipment and as the main contractor

Core scope for Cambi

Main contractor scope for Cambi (incl. core scope)

Cambi will always seek to engage in activities that result in the most adaptation of THP

The solutions segment consists of value-adding services after the technology is delivered

• Maintenance, repairs and operations support
  • Upgrades and modifications of technology platform
  • Expert support and optimalisation analytics
  • Recycling biosolids into organic resources for agriculture
  • Producing value-added soil blends for consumer market
• Financial performance expected to be stable and predictable

Historical financials from the Solutions segment show a predictable, stable and upward-trending development

Historical key financials

NOK million, not audited

Profit & Loss statement

NOK million, not audited

SOLUTIONS	2018	2019	2020	2021	2022	H1 2023
Revenue	145	176	176	190	202	118
COGS	86	108	101	119	112	65
Gross margin	59	68	75	71	90	53
Payroll	18	20	21	23	25	13
Other expenses	9	11	14	18	18	11
Operational expenses	27	31	35	41	43	24
EBITDA	32	37	40	30	47	29

ROBUST FINANCIAL PERFORMANCE ENABLING SHAREHOLDER DIVIDENDS

Historical consolidated financials for Cambi ASA show a positive and upward-trending development in key financials

Historical key financials

NOK million, not audited

Profit & Loss statement

NOK million, not audited

Group	2018	2019	2020	2021	2022	2023 H1
Revenue	351	281	367	458	440	448
COGS	152	119	175	234	219	186
Gross margin	199	161	192	224	222	261
Payroll	106	104	110	122	130	76
Other expenses	79	56	56	64	89	65
Operational expenses	185	160	166	186	219	141
EBITDA	14	1	27	38	3	121

The consolidated financials show a positive long-term trend when viewed in a rolling last twelve months period

Revenue per quarter

NOK million, not audited

▪ Stable and highly positive development with group totals, but with some fluctuations

EBITDA per quarter

NOK million, not audited

▪ The EBITDA-development at group level are correlating with fluctuations in revenue

Solutions segment is stable and predictable, while the Technology segment drives the variations in financial figures

-80 -60 -40 -20 0 20 40 60 80 100 2020 2021 2022 2023 EBITDA per quarter NOK million, not audited Solution Technology

▪ Unevenly distributed Technology segment ▪ Stable and predictable Solutions segment

Cash balance post IPO has been solid, supporting a strong financial position

Cash development per quarter NOK million

Cash and cash equivalents

Selected events post IPO

Acquisition of Veolia technology portfolio

Investment in peat-free soil packing facility

Dividend distribution

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Milestone payment schedules vary, but normally provide sufficient funds to remain cash positive during project delivery

Extraordinary dividend proposed, driven by the change in strategic direction

An extraordinary dividend

of NOK 96 million (NOK 0.60 per share) has been proposed by the Board, driven by the change in strategic direction

Subject to approval

of an Extraordinary General Meeting scheduled at 29 September 2023

Adding to the ordinary dividend making the total dividend 0.75 NOK per share in 2023

An extraordinary dividend has been proposed of

NOK

0.60

per share

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Cambi intends to distribute 60-80% of net profits in 2023 and 2024 as dividends

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Cambi is strongly positioned for value creation

Capital Markets Update 2023

Global leader in wastewater sludge treatment solutions with solid track record

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Q&A

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