Slide 1: Third-quarter results 2024
Third-quarter results 2024 1 November 2024
Slide 2: Main developments
Main developments Aker Carbon Capture-SLB JV renamed SLB Capturi; announced its first US-based project • SLB Capturi was awarded a contract by CO280 Solutions for FEED of a large-scale carbon capture plant, with expected removal capacity of 800,000 tons of CO2 annually, at a pulp and paper mill on t
Slide 3: 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 3
Slide 4: Mainstream Renewable Power
= 4 | Ns = Mainstream REenaWwaule Power
Slide 5: Mainstream Renewable Power
Mainstream Renewable Power Leading pure-play renewable energy company Highlights • South Africa – Ilikwa 50 MW solar project reached financial close • South Africa – 100 MW solar project construction on track • KF Wind – Major milestones achieved including securing grid connection • Andes Renovables
Slide 6: Business plan update
Business plan update Focus on growth in core markets South Africa, Australia and Philippines, with continued investment in key offshore projects Further cost optimization programmes planned in 2025 Developing and strengthening partnerships in core markets Capital recycling plan ongoing and additiona
Slide 7: Andes operational update
Andes operational update Andes commercial margin1 Andes commercial margin (EURm) 2 • Positive commercial margin continued in Q3, due to lower internodal price differences on a year-on-year basis and PPA price increases from updated indexations. The lower internodal price differences were mainly driv
Slide 8: Ilikwa financial close
Ilikwa financial close New flexible PPAs to private customers in South Africa South African market Supply Gap of 160 TWh by 2040 due to coal • Attractive supply demand balance driven by coal plant retirements and growing decommissioning and electricity demand increases electricity demand, combined w
Slide 9: KF Wind
KF Wind Major milestones achieved including grid connection South Korea • Government planning five-fold increase of wind and solar to 2038 and is supportive of both renewables and nuclear to achieve carbon neutrality by 2050 • Offshore auction process encourages wind development through a technology
Slide 10: Asset Development
Asset Development
Slide 11: Aker Horizons Asset Development
Aker Horizons Asset Development Developing hydrogen-based projects Highlights • Narvik Green Ammonia concept optimization concluded, reduced complexity and significant CAPEX savings • MoU signed with Masdar to explore collaboration and investment opportunities in green hydrogen • Dialogue with indus
Slide 12: Narvik Green Ammonia
Narvik Green Ammonia Co-locating production, storage and offloading functions on one compact site at Lallasletta H2 and NH3 production, storage and jetty Substation 420 kv Transformers PROJECT DATA • Concept optimization process concluded with decision to move project to Lallasletta PRODUCT: Green a
Slide 13: Powered Land – 80/20 owned JV with Nordkraft
Powered Land – 80 / 20 owned JV with regional electric 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 scale plots being zoned for
Slide 14: Financials
Financials
Slide 15: AKH consolidated income statement Q3 2024
AKH consolidated income statement Q3 2024 Amounts in NOKm1 ACC MRP AAD Other & elim. Q3 24 Total Q2 24 Total Operating revenues and other income 6 656 13 -9 666 757 Operating expenses -18 -799 -30 -18 -865 -761 EBITDA -12 -142 -18 -27 -199 -3 Depreciation, amortizations and impairments 0 -1,329 -1 2
Slide 16: Net capital employed
Net capital employed Net capital employed1 Development in net capital employed Book value per share NOK NOK million, Q3 2024 NOK million, Q2 to Q3 2024 3.4 4.0 0.8 0.3 0.4 8.8 -5.1 3.7 Net profit / loss AKH investment Other 7,107 20 50 1,116 27 22 39 6,109 6,109 21 48 6 23 7 5 44 242 -1,066 197 543
Slide 17: External financing and commitments
External financing and commitments Overview of debt financing facilities and commitments Debt maturities NOK million incl. PIK as of 30 September 2024 Total facility Debt Key terms 8,382 incl. PIK RCF Subordinated 6.0% coupon per annum, with deferral option against a NOK 2,514m Green bond shareholde
Slide 18: Liquidity and net interest-bearing debt
Liquidity and net interest-bearing debt Cash and undrawn RCF1 as of 30 September 2024 Net interest-bearing debt as of 30 September 2024 NOK million NOK million 8,849 Undrawn RCF1 5,882 2,967 5,882 2,967 3,542 Interest- 6,509 bearing debt Undrawn RCF Cash Cash and undrawn RCF Debt Cash Net interest-b
Slide 19: Q&A
Q&A
Slide 20: Appendix
Appendix
Slide 21: 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 22: 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 (4.6 GW) Development 4.7 GW (3.5 GW) 14% Total net 4.7 GW 18% 19% 25.0 GW Europe Asia Pacific (4.7 GW) 49% Development 4.6 GW Africa Con
Slide 23: Mainstream financial information
Mainstream financial information Main developments • Mainstream’s income statement is reflective of the principal activities of development, construction and operation of projects • Positive commercial margin continued in Q3, due to lower internodal price Amounts in EURm Q123 Q223 Q323 Q423 2023 Q12
Slide 24: Aker Horizons Asset Development financial information
Aker Horizons Asset Development financial information1 Main developments • Income statement reflective of the key activities in the period Amounts in NOKm Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 o Continuing to mature the projects in the pipeline Revenue 14 - - 2 17 1 1 10 EBITDA (57) (63) (45) (58)
Slide 25: Aker Horizons and holding companies per Q3 2024
Aker Horizons and holding companies per Q3 2024 NOK million Income statement Q3 2024 Balance sheet Q3 2024 Cash flow statement Q3 2024 Operating revenue (net) 19 Investments1 6,325 Cash flow from operating activities -44 Operating expenses -45 Current operating assets 297 EBITDA -26 Cash and cash eq
Slide 26: Sustainability
Sustainability Sustainability commitment across three core themes Alignment with international frameworks1 Environment • Our investment thesis is grounded in a desire to be planet-positive, and we commit to accelerating Net Zero commitments and decarbonization of industries Social • We are dedicated
Slide 27: 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 28: To learn more about Aker Horizons visit akerhorizons.com
To learn more about Aker Horizons visit akerhorizons.com