Slide 1: Second quarter 2026 Financial and operational results
Second quarter 2026 Financial and operational results 26 August 2026
Slide 2: The Capsol opportunity
The Capsol opportunity Unlocking more power for surging U.S. energy demand by increasing utilization of existing gas turbines with low carbon electricity Capturing near-term European decarbonization demand through established and growing opportunities in cement and BECCS* Expanding share of project
Slide 3: H1 2026 key developments
H1 2026 key developments U.S. low-carbon power • ~150 gas turbine leads being assessed directly and indirectly with partners opportunity moving from market • Advanced an exclusive commercial-scale project into pre-FEED and established partnerships, validating both thesis to project pipeline the tech
Slide 4: Low-carbon power in the U.S.
Low-carbon power in the U.S. 1) Value proposition 2) Addressable market 3) Competitiveness 4) Commercial model 5) US Utility Project
Slide 5: Capsol's solution for gas turbines
Capsol’s solution for gas turbines 6
Slide 6: Capsol can unlock more power from existing gas turbines
Value proposition Addressable Market Competitiveness Commercial model US Utility project Capsol can unlock more power from existing gas turbines to meet accelerating energy demand Existing capacity Capsol enabled Increased Capsol added Increased total turbine utilization capacity power output ~115%
Slide 7: ~150 turbine leads near CO₂ infrastructure being screened
Value proposition Addressable Market Competitiveness Commercial model US Utility project ~150 turbine leads near CO₂ infrastructure being screened within a broader, growing opportunity set ~150 leads Actively being assessed directly and via partners; targeting customers with large portfolios of turb
Slide 8: Low-carbon gas power enabled by Capsol meets key criteria for speed-to-power
Value proposition Addressable Market Competitiveness Commercial model US Utility project Low-carbon gas power enabled by Capsol meets key criteria for speed-to-power Regulatory Power source Speed LCOE Proof points Scalability Low carbon backing Traditional Gas 2-4 years $ (CCGT) Gas + CCUS 2-4 years
Slide 9: Capsol expanding value capture across project lifecycle
Value proposition Addressable Market Competitiveness Commercial model US Utility project Capsol expanding value capture across project lifecycle and moving beyond technology licensing driven by US dynamics Expanded project presence Broader project participation Project screening & commercial structu
Slide 10: US project progressing with Pre-FEED and Q1 2028 FID target
Value proposition Addressable Market Competitiveness Commercial model US Utility project US project progressing with Pre-FEED and Q1 2028 FID target Expanded project role already active in the ongoing project Validating the market, business model and execution approach Leads and active project valid
Slide 11: Decarbonizing industry in Europe
Decarbonizing industry in Europe 1) Technology platform 2) Commercial progress 3) Multi-project model 4) EU ETS impact
Slide 12: Advancing proven technology through implementation and R&D
Technology platform Commercial progress Multi-project model EU ETS impact Advancing proven technology through implementation and R&D Competitive technology platform based on proven chemistry Improving every project with: World-leading expertise built on 10 customer site demonstrations Capsol
Slide 13: Capsol positioned for European market acceleration and FID's
Technology platform Commercial progress Multi-project model EU ETS impact Capsol positioned for European market acceleration and FID’s Expanding cement position, supported by the Significant customer investment in Dyckerhoff CapsolGo campaign, Holcim evaluating Capsol’s technology collaboration and
Slide 14: Partner-led approach for standardized, repeatable projects
Technology platform Commercial progress Multi-project model EU ETS impact Partner-led approach for standardized, repeatable projects Multiple plants Joint delivery platform Repeatable project model Lower cost and risk • Common decarbonization • Capsol: Capture technology • Standardized plant design
Slide 15: Rising carbon prices and EU ETS reform reinforce the case for carbon capture
Technology platform Commercial progress Multi-project model EU ETS impact Rising carbon prices and EU ETS reform reinforce the case for carbon capture Continued case for cement BECCS market creation Improved project bankability • Proposed EUR 100bn funding pool • Reforms give stable CO2 price signal
Slide 16: Financials
Financials 1) P&L review 2) Balance sheet 3) Financial performance 4) US economics 5) Financial outlook
Slide 17: Lower activity partly offset by structurally lower cost base
Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics H2-2026 outlook Lower activity partly offset by structurally lower cost base Amounts in NOK 1 000 Q2 2026 Q1 2026 H1 2026 H1 2025 Total operating revenue 7,558 5,859 13,416 41,330 A. Gross profit declined in H1 prima
Slide 18: NOK 48 million of available liquidity
Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics Financial outlook NOK 48 million of available liquidity - Converted near-term debt obligations into flexible liquidity capacity Amounts in NOK 1 000 30.06.2026 31.03.2026 31.12.2025 30.06.2025 Built a more capital-ef
Slide 19: Comparable OCF broadly in line with H1-2025
Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics Financial outlook …This has materially improved cash conversion, resulting in comparable OCF broadly in line with H1-2025 Gross Profit Personnel expenses* Other operating expenses Operating Cash Flow** 23 33,804 14,8
Slide 20: Broader project participation nearly doubles value capture per project
Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics Financial outlook Broader project participation and improved U.S. project economics nearly double value capture per project Illustrative project value potential by project scale Pure licensing value range ~2X Expande
Slide 21: Lower cost base and increasing project income expected to improve H2 2026
Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics Financial outlook Lower cost base and increasing project income expected to improve H2 2026 financial performance Half-year gross profit potential Cost elements H2 2026 outlook excluding license profit (illustrative)
Slide 22: Summary
Summary 1 ~ 150 U.S. gas turbine leads are in active assessment 2 Exclusive U.S. project validates technology and expanded business model 3 Strengthened European position across cement and BECCS 4 Cost discipline and refinancing preserve financial flexibility 5 Higher H2 activity expected to narrow
Slide 23: Appendix
- Appendix ipesrecl technologies
Slide 24: Consolidated statement of profit and loss
Consolidated statement of profit and loss Amounts in NOK 1,000 Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Revenues 7,558 16,385 13,416 41,330 70,652 Cost of contract fulfillment 2,734 9,662 6,337 18,619 31,968 Gross profit 4,824 6,723 7,080 22,711 38,685 Personnel expenses 14,592 16,817 29,979 32,472 64,4
Slide 25: Consolidated statement of financial position
Consolidated statement of financial position Amounts in NOK 1 000 30.06.2026 30.06.2025 2025 Amounts in NOK 1 000 30.06.2026 30.06.2025 2025 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Intangible assets 13,645 12,558 12,598 Share capital 37,524 31,449 33,005 Deferred tax assets -0 -0 -0
Slide 26: Consolidated statement of cash flow
Consolidated statement of cash flow Amounts in NOK 1 000 Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Amounts in NOK 1 000 Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Cash flows from operating activities Cash flows from investing activities Profit (loss) Before tax Development expenditures 0 0 -736 0 -414 -21,049
Slide 27: Alternative Performance Measures (APMs)
Alternative Performance Measures (APMs) Basis for preparation This presentation provides financial highlights for the quarter for Capsol Technologies. The financial information is not reported according to the requirements in IAS 34 and the figures are not audited. Capsol Technologies ASA presents a