Aker Horizons Asa · SWB:7QF
Aker Horizons Asa — Q1 2024 Earnings Presentation
36 slides from Aker Horizons Asa's earnings presentation, Apr 30, 2024
Slide 1: First-quarter results 2024
First-quarter results 2024 30 April 2024
Slide 2: Main developments
Main developments Aker Carbon Capture agreed to form joint venture with SLB and recording strong order intake • Agreement to form joint venture with SLB, closing expected during Q2 • Continued high activity and demand for pre-FEED, FEED and studies • Continued revenue growth (97% YoY), mainly driven
Slide 3: Aker Carbon Capture forming carbon capture JV with SLB
Aker Carbon Capture forming carbon capture JV with SLB 80/20 JV with SLB Up to NOK 5.91bn in consideration Key deal terms for 80% ownership in ACCH and retained cash • ACC retains 20% ownership in JV NOKbn 1.4 5.9 • SLB carbon capture business will be combined with ACCH • Accelerating technology dev
Slide 4: Aker Carbon Capture forming carbon capture JV with SLB
Aker Carbon Capture forming carbon capture JV with SLB Reaching Strong Technology and Long-term value Net Zero partnership Innovation creation • Combining Aker Carbon • Complementary technology • Leveraging the Aker Carbon • The combined business will Capture and SLB’s respective portfolios Capture
Slide 5: Aker Horizons focusing on three Net-Zero levers
Aker Horizons focusing on three Net-Zero levers Active owner of Developer of industrial- industry-leading scale decarbonization companies driving projects decarbonization Carbon capture Renewable power & transmission Hydrogen and derivatives Aker Horizons Asset Development 5
Slide 6: Improved outlook for carbon capture, solar PV and hydrogen value chains
Improved outlook for carbon capture, solar PV and hydrogen value chains Carbon capture and storage Renewable power & transmission Hydrogen and derivatives Announced CO2 capture and storage capacity for 2030 Active and announced polysilicon and module capacity Active and announced electrolyzer manufa
Slide 7: Aker Carbon Capture
Aker Carbon Capture
Slide 8: Aker Carbon Capture
Aker Carbon Capture Pure-play carbon capture company Strategic development: • Agreement to form Joint Venture with SLB Market: • Continued high activity and demand for pre-FEED, FEED and studies • Working closely with multiple opportunities in the North American market: • First US mobile test unit c
Slide 9: Rapid progress in North American market
Rapid progress in North American market Mobile Test Unit Strategic alliance MoU agreement with CO280 campaign with CO280 and Microsoft • Enabling the full-scale implementation of • Development of large-scale Carbon Dioxide • Explore opportunities for scaling the full multiple Just Catch 400 modular
Slide 10: Continued high commercial activity in Europe
Continued high commercial activity in Europe Pre-FEED for Statkraft in Norway Study and test campaign for WACKER • Just Catch FEED for waste-to-energy facility in Heimdal • Eight-months test campaign at WACKER’s metallurgical-grade silicon production at • Targeted emissions of 220,000 tonnes the Hol
Slide 11: Mainstream Renewable Power
Mainstream Renewable Power
Slide 12: Mainstream Renewable Power
Mainstream Renewable Power Leading pure-play renewable energy company Highlights • Andes Renovables platform (1.0 GW fully operational) continues to deliver positive commercial margin • Chile - Ckhúri 109 MW onshore wind project construction resuming in Q2 • South Africa – Construction started for c
Slide 13: Andes operational update
Andes operational update Positive commercial margin continues Andes commercial margin1 Andes commercial margin (EURm) • Positive commercial margin continued in Q1 despite further growth in curtailments, 18 given improvements in market backdrop 15 14 • Margin impact from Alena wind farm tower inciden
Slide 14: Key portfolio updates
Key portfolio updates • 97.5 MW solar corporate PPA with Sasol and Air Liquide has started construction • New 50 MW private PPA, based on shorter term and flexible Renewable Energy Supply Agreements (RESAs1), expected to reach financial close in Q2 • Camarines Sur onshore wind, 50 MW project in part
Slide 15: Australia
Australia Growing renewable opportunity for Mainstream driven by supportive policies Compelling market fundamentals Mainstream’s growing pipeline • Attractive OECD market with well-established regulatory environment and stable macroeconomic environment • AAA credit rating from (S&P), (Moody’s) and (
Slide 16: Asset Development
Asset Development
Slide 17: Aker Horizons Asset Development
Aker Horizons Asset Development Developing hydrogen-based projects Highlights • Joint pre-FEED study with Statkraft for Narvik Green Ammonia completed with FEED expected to commence in H2 2024 • Submitted application to EU Innovation Fund for support for Narvik Green Ammonia • Site Kvandal connected
Slide 18: Key developments for first-mover projects
Key developments for first-mover projects LARGE-SCALE AMMONIA PRODUCTION NARVIK RJUKAN FIRST MOVER GREEN HYDROGEN Part of Narvik green industrial hub PROJECT DATA PROJECT DATA • Joint pre-FEED study with Statkraft for Narvik • Awarded up to NOK 85 million in grants Green Ammonia completed with FEED
Slide 19: Powered Land – 80/20 owned JV with Nordkraft
Sites located in Powered Land – 80 / 20 owned JV with Northern Norway regional utility company Nordkraft • Eight sites located in Northern Norway • Strategically located close to the 420 kv central grid Attractive • Proximity to air, rail, road and port infrastructure industrial sites… • Large sca
Slide 20: Financials
Financials
Slide 21: Portfolio asset values
Portfolio asset values NOK million Net asset value Gross asset value distribution NOK million, 31 March 2024 NOK billion, 31 March 2024 AH % AH Aker Carbon Capture ownership value Cash 10% Aker Carbon Capture1 43.3% 1,516 Listed assets 1,516 21% Mainstream 58.4% 7,728 Asset Development 100.0% 2,258
Slide 22: Aker Horizons and holding companies per Q1 2024
Aker Horizons and holding companies per Q1 2024 NOK million Income statement Q1 2024 Balance sheet Q1 2024 Cash flow statement Q1 2024 Operating revenue (net) 15 Interest-bearing assets 28 Cash flow from operating activities -60 Operating expenses -40 Investments1 11,712 EBITDA -25 Current operating
Slide 23: External financing and commitments
External financing and commitments NOK million Overview of debt financing facilities and commitments Debt maturities NOK million incl. PIK as of 31 March 2024 Total facility Debt Key terms 8,341 incl. PIK RCF Subordinated 6.0% coupon per annum, with deferral option against a NOK 2,443 Green bond sha
Slide 24: Liquidity and net interest-bearing debt
Liquidity and net interest-bearing debt NOK million Cash and undrawn RCF as of 31 March 2024 Net interest-bearing debt as of 31 March 2024 NOK million NOK million 9,036 3,195 Undrawn RCF 5,841 5,841 3,195 Interest-bearing debt 3,181 6,376 Undrawn RCF Cash Cash and undrawn RCF Debt Cash Net interest-
Slide 25: Capital structure at Q1 2024
Capital structure at Q1 2024 Key figures Capital structure NOK billion1 NOK billion1 15.1 Unlisted assets Most recent transaction value or 13.6 book value. Includes Mainstream, 9.0 Asset Development, SuperNode, Covenant LTV2 = -6% cash and other assets (vs. covenant of 50%) Per 31 March 2024 Undrawn
Slide 26: Q&A
Q&A
Slide 27: 23.9 GW net global pipeline
23.9 GW net1 global pipeline Global portfolio of 34 GW net Prioritizing 10 GW with greatest near-term value creation potential Pre-Development Development Construction Operational 10+ GW 22.6 GW 0.3 GW 1.0 GW Change since +3.4 GW - -0.1 GW Q1 2023 Addition of early-stage offshore development project
Slide 28: Mainstream Project Overview
Mainstream Project Overview Asset Portfolio Country Technology Gross Capacity Economic Net Capacity P50 Production FC COD PPA Tariff PPA Volume PPA Tenor (MW) interest (MW) (GWh/y) (GWh) (years) Operational Alena Andes – Condor Chile Wind 86 90% 77.4 291 2019 2021 USD 43 5281 20 Rio Escondido Andes
Slide 29: Global pipeline of wind and solar assets
Global pipeline of wind and solar assets Pipeline reflects assets in development, construction and operational Capacity distribution by geography Europe APAC LatAm Development 4.7 GW (3.5 GW) (3.5 GW) Total net 4.7 GW 15% 15% 20% 23.9 Asia Pacific Europe GW (4.7 GW) Development 3.5 GW 51% Constructi
Slide 30: Mainstream Financial Information
Mainstream Financial Information Main developments • Mainstream’s income statement is reflective of the principal activities Mainstream accounts of development, construction and operation of projects. Q1 Q2 Q3 Q4 Q1 • Market challenges remain in Chile with operators exposed to difference in EURm 202
Slide 31: Australia: Clear decarbonization and policy targets
Australia Clear decarbonization and policy targets Energy Mix: Renewables set to rapidly replace coal Energy Policy Target by 2030 82% renewables 300 Total Power Generation (TWh) 200 32% renewables 100 0 2022E 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F Wind and Solar Hydro Oil Natur
Slide 32: Key developments for other portfolio projects
Key developments for other portfolio projects GREEN AMMONIA TO BERLEVÅG AUKRA LARGE-SCALE BLUE HYDROGEN DECARBONIZE THE ARCTIC PROJECT DATA PROJECT DATA • Allocated 120 MW grid connection when new • Maturing and optimizing project towards DG1 420kv line to Seidafjellet is completed • Technical feasi
Slide 33: Aker Horizons Asset Development financial information
Aker Horizons Asset Development financial information AAD proforma Main developments accounts1,2 • Income statement reflective of the key activities in the period Q1 Q2 Q3 Q4 Q1 NOKm 2022 2023 o Continuing to mature the projects in the pipeline 2023 2023 2023 2023 2024 Revenue 9 14 - - 2 17 1 o Esta
Slide 34: Sustainability integrated in all we do
Sustainability integrated in all we do Sustainability commitment across four core themes Alignment with international frameworks Planet-positive impact • Our investment thesis is grounded in a desire to be planet-positive • We commit to accelerating Net Zero commitments and decarbonization of indust
Slide 35: Disclaimer
Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections abo
Slide 36: To learn more about Aker Horizons visit akerhorizons.com
To learn more about Aker Horizons visit akerhorizons.com