Capsol Technologies Asa · OSL:CAPSL
Capsol Technologies Asa — Corporate Update (January 2026)
25 slides from Capsol Technologies Asa's corporate update, Jan 27, 2026
Slide 1: Company update
Company update 27 January, 2026
Slide 2: Disclaimer
Disclaimer THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA, OR AUSTRALIA, C
Slide 3: Disclaimer
Disclaimer The distribution of this Company Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Company Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and
Slide 4: Presenters
Presenters: Wendy Lam Bjørn Kristian Røed Bengt Steinbrecher Chief Executive Officer, Capsol Technologies Chief Financial Officer, Capsol Technologies Head of Holcim MAQER Ventures
Slide 5: Licensor of point source carbon capture technology
Licensor of point source carbon capture technology Carbon capture and heat recovery in one system for energy production and hard-to-abate sectors Attractive capture cost USA: focus on gas turbines Europe: focus on cement 20-60% and biomass/EfW Lower than amines1 Demonstration hours >20,000 Ten campa
Slide 6: Market catalysts accelerating CCUS adoption
Market catalysts accelerating CCUS adoption As highlighted in the brown bars Industry is now seeing real projects materialize. +23% Early development and advanced +12% development stages of CCS projects growing steadily. Within only a few years, Capsol building Capsol is emerging as a strong c
Slide 7: Post combustion CCS competitive landscape
Post combustion CCS competitive landscape Amine Capsol HPC Cryogenic Solid sorbents Technology maturity1 Environmental profile Fit for Cement Fit for Biomass/EfW Fit for Open Cycle Gas Turbine Fit for Combined Cycle Gas Turbine Fit for Steel Industry evaluation Fit for Aluminum ongoing Fit for Chemi
Slide 8: Increasing energy savings at higher CO2 concentration
Increasing energy savings at higher CO2 concentration Electricity cost for fully electric capture solutions CO2 concentration in flue gas 5% 10% 15% 20% 25% Typical cement case € 60 € 50 54% reduction in electricity consumption1 € 40 Generic amine process EUR per € 30 tonne EUR 19 saved € 20 per ton
Slide 9: The challenges Capsol solve…
The challenges Capsol solve… Cement producers • Limited alternatives to carbon capture CCUS only viable path to deep • Intensifying regulatory pressure decarbonization • High cost of downtime • Capsol solution with easier integration and no water needed Biomass/EfW • Growing demand for negative emis
Slide 10: Targeting the industries that matter
Targeting the industries that matter Mature pipeline at 22 mtpa Building position as preferred provider Early traction in new industries Other: lime, pulp & paper, Cement Biomass & Energy-from-waste Gas turbines metals and refineries Project pipeline 11.0 mtpa 5.2 mtpa 1.5 mtpa 4.3 mtpa capacity Rev
Slide 11: Cement is a key demand driver for Capsol in Europe
Cement is a key demand driver for Capsol in Europe with 8 mtpa of FIDs expected by 2030 “CCUS is effectively the only option for achieving significant reductions in emissions from cement production”1 Market drivers Capsol cement pipeline Capsol key value proposition • Meeting new regulations and • L
Slide 12: Introduction to Holcim
Introduction to Holcim JANUARY 2026
Slide 13: The leading partner to sustainable construction
THE LEADING PARTNER TO SUSTAINABLE CONSTRUCTION - FROM BUILDING MATERIALS TO BUILDING SOLUTIONS For a customer centric end-to-end experience Serving customers across the Building materials Building solutions built environment Infrastructure Industry Buildings Energy-efficient Decarbonized building s
Slide 14: Proven track record of growth, performance and value creation
PROVEN TRACK RECORD OF GROWTH, PERFORMANCE AND VALUE CREATION Exceptional 16.2 17.4% 2.2 financial strength Net sales (CHF BN) in 2024 Recurring EBIT margin in 2024 Free Cash Flow1 (CHF BN) in 2024 Established +11.6% 11.1% 91 record of success EBIT growth2 average p.a. in last 3 years ROIC in 2024 +
Slide 15: Scaling sustainable offering to meet customer demand
SCALING SUSTAINABLE OFFERING TO MEET CUSTOMER DEMAND > 50% > 50% 26% 2030 target 31% 2030 target 2024 2024 Launch % of ready-mix net sales Launch % of cement net sales 2020 2021 Low-carbon ECOPact and ECOPlanet are defined as 30% lower carbon content vs local Ordinary Portland Cement (OPC) 15 Note:
Slide 16: Innovation accelerating decarbonization
INNOVATION ACCELERATING DECARBONIZATION Scope 1 emissions (Kg CO2 net per ton of cementitious) Three primary levers: -30% Formulation 564 Energy <400 Carbon capture 2020 2030 Scope 1, 2 and 3 emissions 2030 and 2050 targets validated by SBTi 16
Slide 17: Scaling Capsol's carbon capture technology
Scaling Capsol's carbon capture technology
Slide 18: Holcim invests in Capsol following successful CapsolGo project
Holcim invests in Capsol following successful CapsolGo® project • Capsol fit for large-scale cement carbon capture documented through demonstration project • CapsolGo® campaign significantly derisking the technology for the cement industry • Holcim and Capsol on a non-exclusive basis to jointly scal
Slide 19: Paving way for commercial scale CapsolGT for low-carbon power
Paving way for commercial scale CapsolGT® for low- carbon power • Progressing with US utilities paving way for commercial-scale CapsolGT® projects • Project development approach – working with CapsolGT® partners, investors to mature project Captures CO2 while generating additional • Opportunities fo
Slide 20: CO2 capture options for gas turbines
CO2 capture options for gas turbines Capex (CCGT = 1x) LCOE (CCGT = 1x) 400 Indicative Only 250 Indicative Only 4.0x • Unabated CCGT’s generate more electricity 350 Lower 200 2.0x LCOE than OCGT’s with higher capex 300 3.0x 250 Lower 150 • OCGT + CapsolGT® provides lower Capex 2.0x Levelized Cost Of
Slide 21: Scaling beyond technology to unlock platform economics
Scaling beyond technology to unlock platform economics From a leading to carbon capture technology provider platform • High performing, cost-leading capture • End-to-end CCUS project support technology • Financing solution facilitator • Proven and bankable solutions • Value-chain integrator • Capita
Slide 22: Strategic partnerships strengthening the full CCUS customer journey
Strategic partnerships strengthening the full CCUS customer journey 1. 2. 3. 4. 5. CCUS CCUS feasibility and CO2 value chain Stakeholder, Business case & Project delivery project technology decision community, getting to FID and operations journey permitting support Capsol approach Licensing, demons
Slide 23: Scaling revenue as pipeline matures
Scaling revenue as pipeline matures Pipeline volumes Feasibility • Paid front end engineering • Establishing project presence • Capsol evaluating project viability 18 mtpa • >200 project leads sit outside the formal pipeline • <20% of 2025 revenues Pre-FEED • Expanding project presence and tech deri
Slide 24: Upcoming priorities
Upcoming priorities Priorities How 1 Strict focus on near-term commercial opportunities Commercial Continuous R&D to maintain technology competitiveness Strategic partnerships strengthening the full CCUS customer journey 2 Liquidity runway managed as planning discipline, not a reactive metri
Slide 25: Summary
Summary Licensor of mature HPC technology Proven technology with competitive edge High activity in key segments Validation from blue-chip industrial partners Clear strategic and financial priorities ahead 25
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