Slide 1: Accelerating efficient CO2 capture
Accelerating efficient CO2 capture Q2 2025 company presentation
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION IS NOT FO R PUBLICA TION NO R DISTRIB UTION, IN WHO LE OR IN P ART, DIRE CTLY OR INDIRECTL Y, IN OR INTO AUSTRALIA, CANADA O R THE UNITED S TATES (INCLUDING ITS TERRITORIE S A ND POSSE SSIONS, ANY STATE O F THE UNITED STATED A ND THE DISTRICT O F COLUMBIA ) O R ANY OTHE
Slide 3: Today's presenters
Today’s presenters: Jacob Clausen Krøvel Wendy Lam Ingar Bergh SVP Investment and Strategy Chief Executive Officer Chief Financial Officer
Slide 4: Policy and partnerships driving CCUS forward
Policy and partnerships driving CCUS forward
Slide 5: Delivering robust, energy-efficient capture technology
Delivering robust, energy-efficient capture technology Separating CO2 from other gases Burning biomass to produce heat CO2 is compressed • Carbon capture with safe and electricity and transported solvent and heat recovery • Stand-alone, retrofit- friendly design • Serving hard-to-abate sectors CO2 i
Slide 6: Market catalysts accelerating CCUS adoption
Market catalysts accelerating CCUS adoption 6 000 mtpa, operational CCUS capacity IEA net ero scenario CAGR: 19% ✓ETS forecast to triple to EUR ~200/t in 2035 000 ✓Growing carbon removal credits demand, more volume contracted YTD than FY 2024 4 000 ✓Green pricing premiums provide additional IEA anno
Slide 7: Q2 2025 highlights
Q2 2025 highlights Resilient pipeline growth and • Revenues of NOK 41 million in H1 2025, up from NOK 36 million in H1 2024 strong customer demand • 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 ind
Slide 8: Five strategic pillars for growth and value creation
Five strategic pillars for growth and value creation Innovation and industrialization driving the global deployment of Capsol’s technology 1. 2. 3. 4. 5. Cost High-value Capital-efficient Geographic Value creation leadership verticals scaling expansion ambitions Technology Industries Model Markets L
Slide 9: Capsol drives down costs, making more projects viable
Pillar 1: Cost leadership Capsol drives down costs, making more projects viable Capture cost vs reference projects, EUR per tonne 187 156 114 - • Heat recovery + HPC solvent = 134 unmatched cost efficiency 123 92 ~20% – 60% • One year energy-savings can exceed 50 lower costs full Capsol license cost
Slide 10: Winning in the industries that matter
Pillar 2: High-value verticals Winning in the industries that matter Mature pipeline up 73% y-o-y to 22.6 mtpa Building position as preferred provider Early traction in new industries Biomass Cement Gas turbines Emerging industries1 + Energy-from-waste Project pipeline 12.1 mtpa 5.0 mtpa 1.5 mtpa 4.
Slide 11: Scaling revenue as pipeline matures
Pillar 3: Capital-efficient scaling Scaling revenue as pipeline matures Revenue potential 1 mtpa plant = EUR ~50-60 million • Targeting EUR 10-15 license fee per tonne EUR 1-5m (step 1-4) EUR 40m installed capacity EUR 10-15m • EUR 2+ service fee per tonne captured • 40-60% pre-tax profit 4. 5. Fina
Slide 12: From European frontrunner to global contender
Pillar 4: Geographic expansion From European frontrunner to global contender • Policy tailwinds driving European growth, +5 mtpa Last Twelve Months (LTM) Norway (HQ) Sweden • First Capsol projects reached next stage USA Germany in US, +1 mtpa LTM • With established positions in Europe and growing tr
Slide 13: Global ambitions: 2035 goals for long-term value capture
Pillar 5: Global ambitions 2035 goals for long-term value capture Ambition 1 Technology: Further reduce capture costs and maintain position as cost-leader 2 Industries: Build position as preferred provider across relevant industries Becoming a leading global carbon capture technology company Model:
Slide 14: Financials
Financials
Slide 15: Stable costs ahead of next revenue inflection point
Stable costs ahead of next revenue inflection point Revenue NOKm, LTM 100 99 94 • Revenue of NOK 41 million in H1 2025, up 14% from 74 H1 2024 64 • Q2 revenue of 16 million, somewhat softer than Q1 due to timing of CapsolGo deployment and client decision making Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 202
Slide 16: Green loan strengthening liquidity
Green loan strengthening liquidity Cash flow and liquidity bridge NOKm • Liquidity increased to NOK 67.5 million by end of 30.8 67.5 Q2, up from NOK 58.5 million in Q1 58.5 ‒ NOK 30.8 million Green Loan Facility secured with DNB in Q2, disbursed in July 5.5 0.9 1.4 0.3 -1.6 ‒ Underlying cash burn in
Slide 17: Accelerating platform-driven value creation
Accelerating platform-driven value creation
Slide 18: 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 19: Strategic partnerships strengthening the full CCUS customer journey
Strategic partnerships strengthening the full CCUS customer journey 1. 2. 3. 4. 5. CCUS project CCUS feasibility and technology CO2 value chain Stakeholder, Business case & Project delivery journey decision community, getting to FID and operations permitting support Capsol Licensing, demonstration C
Slide 20: Strategic growth levers with 30–60% IRR potential
Strategic growth levers with 30–60% IRR potential Objective Selected initiatives Continuous R&D to optimize HPC for post-combustion Reduce carbon capture costs further Industry and plant-specific technology • Key rationale is to increase win-rate, expand and service applications value capture per pr
Slide 21: Building a capital-light, high-margin platform
Building a capital-light, high-margin platform Total earnings and recurring revenue potential from project wins 2025-20351 NOKbn • Licensing-led model enables scalable, capital- Recurring services potential scaling to light growth NOK 0.4bn by 2035 2 0 • Strategic initiatives could ~double earnings
Slide 22: Building a leading global carbon capture technology company
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 3
Slide 23: Q&A
Q&A
Slide 24: Appendix
Appendix
Slide 25: Consolidated statement of profit and loss
Appendix Consolidated statement of profit and loss 25
Slide 26: Consolidated statement of cash flows
Appendix Consolidated statement of cash flows 26
Slide 27: Capsol business model expansion opportunity
Appendix Capsol business model expansion opportunity T a o d ss o sa d o s a o d ss a o Installed CCUS capacity 203 , mtpa 430 1 260 203 base case equivalent to current global CCS 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 est.
Slide 28: Management
Appendix Management Wendy Lam, Chief Executive Officer Cato Christiansen, Chief Technology Officer An extensive career as an executive at Baker Hughes, Rolls-Royce >20 years’ experience from the energy sector. Former Shell, SPT Group and Marine (now Kongsberg Maritime) and GE. the Norwegian Ministry
Slide 29: Board
Appendix Board Chris Barkey, Chair John Arne Ulvan, board member Former CTO Industrial Energy Technology at Baker Hughes, Extensive career as a top executive with strong results from former Group Director, Engineering & Technology for Rolls-Royce. national, international and listed companies. MSc In
Slide 30: Capsol's international Advisory Board
Appendix a so ’s international Advisory Board Morgan Bazilian Ian Dunderdale Jing Jin Jan Kielland Stéphanie Saunier Endre Ording Sund Director of the Payne Experienced energy Vice President of Former CEO of Managing Director of >40 years with Institute for Public sector executive Clean Technologies
Slide 31: Patent portfolio overview
Appendix Patent portfolio overview Patent family 1: Patent family 2: Patent family 3: Patent family 4: Patent family 5: Low emission Combined storage Method and plant for Thermal power plant Purification of flue thermal powerplant solution for natural transport of rich gas with CO2 gas from marine g
Slide 32: Value chain overview
Appendix Value chain overview Carbon capture EPC1 Operations and Liquefaction & Transport Storage technology maintenance intermediate storage • Technology • Client selects • Client selects • Client selects an • Clients selects • Client selects licensed out independent independent independent indepen
Slide 33: Risks and mitigating actions
Appendix Risks and mitigating actions Key risk factors Mitigating actions • Licensing model highly scalable with limited resources • Partnering with large global players to greatly extend reach, capacity and capabilities Small player • A clear strategic roadmap for organic growth and opportunistic a
Slide 34: Drammensveien 126, 0277 Oslo, Norway
Drammensveien 126 0277 Oslo Norway Our vision is to accelerate the world’s capsoltechnologies.com transition to a net zero future