Capsol Technologies ASA

Investor Presentation • Aug 26, 2025

Accelerating efficient CO² capture

Q2 2025 company presentation

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Today's presenters:

Policy and partnerships driving CCUS forward

Delivering robust, energy-efficient capture technology

• Carbon capture with safe solvent and heat recovery
• Stand-alone, retrofitfriendly design
• Serving hard-to-abate sectors

Market catalysts accelerating CCUS adoption

• ✓Growing carbon removal credits demand, more volume contracted YTD than FY 2024
• ✓Green pricing premiums provide additional incentives

Capsol targeting 4%+ market share of the technology licensing in 2030, expanding to 6%+ long-term as relevant industries¹ share of total CCUS market grows

Q2 2025 highlights

Resilient pipeline growth and strong customer demand

• Revenues of NOK 41 million in H1 2025, up from NOK 36 million in H1 2024
• 73% mature pipeline growth year-on-year to 22.6 mtpa of CO² capture
• Strong demand for CapsolGT® in the US and first engineering study in the lime industry

Outlook underpinned by robust pipeline economics

• Pipeline with NOK 3.3bn in revenue and NOK 1.7bn pre-tax profit potential¹
• More than half of the volume includes projects with potential FIDs in 2026-28
• In negotiations for additional CapsolGo® campaigns for H2 2025 and H1 2026

Strategic levers to accelerate value creation

• New business models to accelerate deployment and long-term earnings
• Dialogues progressing with current and prospective strategic partners
• Liquidity position increased to NOK 67.5 million, up from NOK 58.5 million at end Q1

Five strategic pillars for growth and value creation

Innovation and industrialization driving the global deployment of Capsol's technology

Pillar 1: Cost leadership

Capsol drives down costs, making more projects viable

Capture cost vs reference projects, EUR per tonne

• Heat recovery + HPC solvent = unmatched cost efficiency
• One year energy-savings can exceed full Capsol license cost
• Further cost reduction potential in solvent optimization
• Patents protecting unique process

Source: Pareto Securities' 31st Annual Energy Conference for project numbers. Assumption: 4% WACC (Real), (incl. civil work, infrastructure, etc.). Incl. capture, liquefaction, transport and storage. Excl. subsidies and cost reduction mechanisms. Blended rate for Capsol studies.

Pillar 2: High-value verticals

Winning in the industries that matter

Mature pipeline up 73% y-o-y to 22.6 mtpa

mtpa = million tonnes per annum.

1. Emerging industries include refineries, lime, paper & pulp. Note: Industries relevant for Capsol's technology expected to grow from 25% of total CCUS market in 2030 to 34% in 2035.

Scaling revenue as pipeline matures

1. Feasibility 2. Pre-FEED 3. CapsolGo® (optional) 4. FEED/Process Design Package 5. Final Investment Decision (FID) 6. In operation EUR 10-15m EUR 40m Revenue potential 1 mtpa plant = EUR ~50-60 million 96.5% of current mature pipeline 95% of revenue potential EUR 1-5m (step 1-4)

• Targeting EUR 10-15 license fee per tonne installed capacity
• EUR 2+ service fee per tonne captured
• 40-60% pre-tax profit margin

¹¹ Note: Typically 12-36 months from feasibility study to final investment decision (FID), while first-of-a-kind projects could be above the range. Demonstration campaigns typically last for 6 months. License fee typically paid over the construction period, 18-36 months. Process Design Packages (PDPs) are typically delivered after licensing agreements and before FID.

Pillar 4: Geographic expansion

From European frontrunner to global contender

• Policy tailwinds driving European growth, +5 mtpa Last Twelve Months (LTM)
• First Capsol projects reached next stage in US, +1 mtpa LTM
• With established positions in Europe and growing traction in North America, Capsol is laying the foundation to become a global leader

2035 goals for long-term value capture

Ambition

Becoming a leading global carbon capture technology company

• 1 Technology: Further reduce capture costs and maintain position as cost-leader
• 2 Industries: Build position as preferred provider across relevant industries
• Model: Licensing revenues of EUR 10-15 per tonnes installed capacity, recurring services revenues of EUR 2+ per tonnes captured, and 40-60% pre-tax margin ³
• Markets: Replicate European success globally, focusing on markets with supportive policy and industrial demand 4
• 5 Leadership: Expand model together with partners to increase value capture

Financials

Stable costs ahead of next revenue inflection point

• Revenue of NOK 41 million in H1 2025, up 14% from H1 2024
• Q2 revenue of 16 million, somewhat softer than Q1 due to timing of CapsolGo deployment and client decision making
• Operating expenses were NOK 38 million, slightly down from Q1. otably, "other operating cost" reduced by 40% from last quarter
• One FID sufficient for break-even
  • ‒ Typical license value: NOK 50–150m/project over 2- 3 years
  • ‒ Four projects totaling 3 mt+ progressing towards FEED phase in H2 2025, generating higher revenue

Operating expense

Green loan strengthening liquidity

• Liquidity increased to NOK 67.5 million by end of Q2, up from NOK 58.5 million in Q1
  • ‒ NOK 30.8 million Green Loan Facility secured with DNB in Q2, disbursed in July
  • ‒ Underlying cash burn in Q2 driven by delayed client decisions and temporary underutilization of CapsolGo® capacity
• Multiple CapsolGo® campaigns under negotiation for H2 2025 and H1 2026, expected to drive near-term revenue
• PDP/FEED revenue expected to ramp up by end 2025, keeping a path to break-even during 2026

Cash flow and liquidity bridge NOKm

Accelerating platform-driven value creation

Scaling beyond technology to unlock platform economics

From a leading technology provider

• High performing, cost-leading capture technology
• Proven and bankable solutions
• Capital light, scalable licensing model

to carbon capture platform

• End-to-end CCUS project support
• Financing solution facilitator
• Value-chain integrator

Building on technology leadership, Capsol aims to make CCUS easier to buy – getting projects quicker to FID

Strategic partnerships strengthening the full CCUS customer journey

	1.	2.	3.	4.	5.
CCUS project journey	CCUS feasibility and technology decision	CO value chain 2	Stakeholder, community, permitting support	Business case & getting to FID	Project delivery and operations
Capsol approach	Licensing, demonstration Building innovation partnerships	Connecting across CO2 value chain	Community engagement, safe solution	Maximizing incentives	Industrializing delivery, operations
Current partners/			CapsolGo®
solutions	+Other technology partners	Transport, storage, utilization partners	Potassium carbonate solvent	Heat/electricity generation + CDRs, funding partners	EPCs and other delivery partners

Strategic growth levers with 30–60% IRR potential

Objective	Selected initiatives
Reduce carbon capture costs	Continuous R&D to optimize HPC for post-combustion
further	Industry and plant-specific technology and service applications
	Configure-to-order equipment and prefab modules
Accelerate project execution	Lifecycle operational/solvent services
Become a full-cycle project	Financing solution facilitator
enabler	End-to-end solutions

• Key rationale is to increase win-rate, expand value capture per project and accelerate scaling
• Highly attractive returns priority initiatives' IRR ranging from 30-60%¹
• Funding options being reviewed, ranging from grants and debt to partner capital and equity

Strategic initiatives unlocking partners synergies and accelerating value creation

Building a capital-light, high-margin platform

Total earnings and recurring revenue potential from project wins 2025-2035¹ NOKbn

• Licensing-led model enables scalable, capitallight growth
• Strategic initiatives could ~double earnings
• Recurring services ramp up from 2028, supporting long-term positioning
• Integrated platform drives high-margin, modular expansion

Building a leading global carbon capture technology company

• 1 Technology: Further reduce capture costs and maintain position as cost-leader
• 2 Industries: Build position as preferred provider across relevant industries
• Model: Licensing revenues of EUR 10-15 per tonnes installed capacity, recurring services revenues of EUR 2+ per tonnes captured, and 40-60% pre-tax margin ³
• Markets: Replicate European success globally, focusing on markets with supportive policy and industrial demand 4
• 5 Leadership: Expand model together with partners to increase value capture

Q&A

Appendix

Consolidated statement of profit and loss

	Notes	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Amounts in NOK
Operating income and expenses
Revenue	র্বা	16 384 968	16 991 644	41 329 988	36 499 484	94 160 578
Total operating revenue		16 384 968	16 991 644	41 329 988	36 499 484	94 160 578
Cost of contract fulfillment		9 661 739	3 808 097	18 618 526	10 223 492	21 345 011
Personnel expenses	Z	16 817 287	19 421 517	32 472 227	29 483 813	50 306 197
Depreciation expenses	б	5 459 568	2 399 354	10 194 697	4 798 709	14 165 644
Other operating expenses		5 617 675	12 785 542	14 867 587	19 113 421	38 393 919
Total operating expenses		37 556 269	38 414 510	76 153 038	63 619 435	124 210 770
Operating income/-loss		-21 171 301	-21 422 864	-34 823 051	-27 119 950	-30 050 192
Financial income and expenses
Other interest income		24 752	195 958	142 829	405 304	2 646 697
Other financial income		2 071 763	1 262 346	3 309 483	2 981 233	6 124 273
Other interest expenses		-842 380	-1 179 650	-1 670 752	-2 642 995	-4 748 455
Other financial expenses		-2 166 868	-951 482	-5 161 635	-3 653 635	-6 754 646
Net financial income/-loss	5	-912 760	-672 828	-3 380 076	-2 910 093	-2 732 131
Income/-loss before income tax		-22 084 061	-22 095 692	-38 203 128	-30 030 043	-32 782 322
Income tax expense
Net income/-loss		-22 084 061	-22 095 692	-38 203 128	-30 030 043	-32 782 322
Basic and diluted earnings per share		-0.38	-0.36	-0.61	-0.50	-0.54

Consolidated statement of cash flows

	Notes	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Amounts in NOK
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(loss) before income tax		-22 084 061	-22 095 693	-38 203 128	-30 030 043	-32 782 322
Adjustments to reconcile profit/loss before tax to net cash flow:
Depreciation and amortization expenses	6	5 459 568	2 399 354	10 194 697	4 798 709	14 165 644
Finance (income)/expense net	5	912 760	672 828	3 380 076	2 910 093	2 732 130
Working capital changes:
Change in trade and other receivables		-2 585 755	-1 135 941	17 493 077	-2 069 718	-20 855 005
Change in trade and other payables		1 880 525	4 755 652	-4 560 933	-5 050 983	16 309
Change in other current assets and liabilities		-58 283	-2 839 605	-1 609 621	-4 705 937	4 287 361
Change in contract balances		-796 651	2 360 102	-3 546 850	-1 795 078	-5 331 446
Share based compensation scheme without cash impact	Z	1 303 109	2 472 624	2 344 585	4 436 579	5 164 610
Share based compensation employment tax	7	61 782	2 123 052	61 782	1 864 104	-1 335 753
Interests received		24 725	195 958	142 829	405 304	2 646 697
Currency translation effects		-336 705	106 649	-1 305 000	106 649	648 515
Net cash flow from operating activities		-16 218 986	-10 985 022	-15 608 485	-29 130 323	-30 643 260
CASH FLOW FROM INVESTMENT ACTIVITIES
Payment for property plant and equipment	б		-7 958 460	-51 339	-10 515 210	-25 531 158
Payment for intangible assets		-	-4 980 888		-4 980 888	-5 868 251
Government grants received on investment activities		-
Net cash flow from investing activities			-12 939 348	-51 339	-15 496 098	-31 399 409

Capsol business model expansion opportunity

	T s a o	d a o d s s a o	ss o s a d o
CCUS Installed capacity 203 , mtpa	430	1 260	CCS 203 base case equivalent to current global pipeline
Capsol target market share 203		%
a so s a d a a y a			Capsol s current mature pipeline 22 6 mtpa
s od
Capsol revenues, EUR/tonnes est . engineering installed	3	0	1 of EUR dependent on si e industry and timing involvement , ,
Capsol revenues, EUR/tonnes target licensing installed	12		EUR 10 1 three license agreements secured all in this range ,
Total licensing revenue potential project wins 202 203 OKbn ,	3 9	11
To a s T o a o s			Target pre tax margin 40 60%
od s
Share of Capsol services bought by licensed plants		7 %	Services CO ; first portfolio 2028 rev. starting at in current is in
Capsol revenues, EUR/tonnes target services captured	2	0	EUR 2 based on mature business cases with customers
Carbon capture plant lifetime , years		20	Conservative estimate
Total services revenue potential project wins 202 203 OKbn ,	7 6	22 3
a a o s s o			Overall margin expected within range. ARR higher multiple target
a a s
Target IRR across strategic initiatives		30 60%	ower capture cost faster execution , expanded project support ,
T o a o a o s s			igher win rate higher revenue per project and accelerated scale ,

Management

Wendy Lam, Chief Executive Officer

An extensive career as an executive at Baker Hughes, Rolls-Royce Marine (now Kongsberg Maritime) and GE.

MBA from INSEAD/The Wharton School.

Ingar Bergh, Chief Financial Officer

15 years as advisor and executive in the energy and shipping sectors.

BSc Engineering, NTNU; MSc in Supply Chain Management, Cranfield School of Management ranking; MBA Finance, Authorized Financial Analyst (CEFA), Norwegian School of Economics.

Johan Jungholm, Chief Business Development Officer

BA in Geology and Environmental Science, University of Pennsylvania.

Jacob Zeno Clausen Krøvel – SVP Investment & Strategy

10 years of experience at Deloitte, Arctic Asset Management, CFO at subdivision of Norsk Gjenvinning Head of Investor Relations at Volue.

MSc in Applied Economics and Finance from Copenhagen Business School (CBS).

Cato Christiansen, Chief Technology Officer

PhD in Mechanical Engineering, NTNU.

Philipp Staggat, Chief Product Officer

10 years at Siemens, including lead commissioning engineer and project manager, before joining Capsol Technologies.

BSc Engineering, Berlin University of Applied Sciences, and MBA, London Business School.

Sam Thivolle, Chief Delivery Officer

20 years in the upstream oil and gas sector, and extensive experience in CCUS.

MBA from INSEAD; MSc Petroleum Economics, IFP; MEng Petroleum Engineering, Texas A&M; MSc Chemical Engineering, Chimie ParisTech.

Board

Chris Barkey, Chair

Royal Aeronautical Society and Institute of Mechanical Engineers.

Wayne G. Thomson, board member

Extensive international career as a top executive within oil and gas, former Chairman of Svante Inc.

BSc in Mechanical Engineering from University of Manitoba.

Monika Inde Zsak, board member

Extensive career within energy, renewables, sustainability. MSc in industrial engineering and finance from NTNU and University of New South Wales, Australia (UNSW).

John Arne Ulvan, board member

Extensive career as a top executive with strong results from national, international and listed companies. MSc In Chemistry/Chemical Engineering from NTNU.

Ellen Merete Hanetho, board member

Experience from Brussels Stock Exchange, Citibank, Goldman Sachs, Credo Partners, Frigaardgruppen and Cercis.

BSBA from Boston University, MBA from Solvay University, executive training from INSEAD and Harvard Business School.

a so 's international Advisory Board

Director of the Payne Institute for Public Policy and Professor at the Colorado School of Mines. Worked with World Bank, United Nations, EU.

Ian Dunderdale

Experienced energy sector executive leader with experience from Baker Hughes, Gaffney Kline, Halliburton.

Vice President of Clean Technologies at Munters, leading

Munter's carbon capture initiative.

Jan Kielland

Former CEO of Capsol Technologies. Previous management and board positions in the energy sector.

Stéphanie Saunier

Managing Director of Carbon Limits, Independent Board Member for Carmeuse, an international lime producer.

Endre Ording Sund

40 years with management and board positions in the energy, banking and shipping sector. Former Chair of Capsol Technologies.

Patent portfolio overview

Patent family 1: Low emission thermal powerplant	Patent family 2: Combined storage solution for natural gas and CO2	Patent family 3: Method and plant for transport of rich gas	Patent family 4: Thermal power plant with CO2 sequestration	Patent family 5: Purification of flue gas from marine diesel engines
Patent family 6: Oil sand production without CO2 emission	Patent family 7: Heat integration in CO2 capture	Patent family 8: Method and plant for CO2 capture	Patent family 9: Heat recovery for CO2 capture (pending)	Patent family 10: Method and plant for CO2 capture from a district heating plant (pending)	Patent family 11: Energy integration of CO2 capture with a powerplant (pending)

Value chain overview

	Carbon capture technology	EPC1	Operations and maintenance	Liquefaction & intermediate storage	Transport	Storage
CO 2 emission/ plant	• Technology licensed out globally directly or through partners (re-sale) • Sales engineering	• Client selects independent provider or via Capsol partnerships • Competitive bidding is important for client to reduce overall cost • Capsol supports client through both the EPC tendering process and actual EPC work	• Client selects independent provider or operates themselves • Capsol offers support and expertise, in addition to optimized technical solutions during lifetime of projects	• Client selects an independent provider • Capsol integrates energy waste from liquefaction to reduce energy consumption in the capture plant	• Clients selects independent provider • Capsol can provide independent advice to client	• Client selects independent provider • Capsol can provide independent advice to client

Supporting client through the value chain, but client remains free to choose providers

Risks and mitigating actions

Small player

Competitors developing

better technologies

Key risk factors Mitigating actions

• Licensing model highly scalable with limited resources
• Partnering with large global players to greatly extend reach, capacity and capabilities
  • A clear strategic roadmap for organic growth and opportunistic approach to inorganic growth
  • Highly capable and incentivized team
  • Prove cost competitiveness and continue to implement learnings from executed projects
  • Sound strategy and routines for patent protection implemented, continue to invest in R&D
  • Consider establishing projects with long cash flows
  • Opportunistic approach to acquiring promising new technologies

Annual review to identify risk factors and implement mitigating actions overseen by the board of directors

Drammensveien 126 0277 Oslo Norway

capsoltechnologies.com

Our vision is to accelerate the world's transition to a net zero future