Cambi Asa · OSL:CAMBI
Cambi Asa — Fearnley Securities' 7th Annual Renewables and Clean-Tech Conference 2025
20 slides from Cambi Asa's conference presentation, Nov 25, 2025
Slide 1: Cambi ASA
Cambi ASA Fearnley Securities’ Seventh Annual Renewables and Clean-Tech Conference Per Lillebø, CEO 25 November 2025
Slide 2: Disclaimer
Disclaimer 2 Fearnley Securities' 7th Annual Renewables and Clean-Tech Conference 2
Slide 3: World population will increase by 1.3 billion by 2050
By 2050, world population will increase by +1.3 billion and the increase in urban dwellers will be even higher Source: UN World Population Prospects 2024 3
Slide 4: Sanitation remains a key concern for health and quality of life
Sanitation remains a key concern for health and quality of life in many countries >40% of wastewater is not treated Source: UN Water Progress on Wastewater Treatment – 2024 Update (SDG 6, target 6.3, indicator 6.3.1)
Slide 5: City wastewater treatment plant
City Wastewater Renewable treatment plant electricity or neutral gas Biogas Treated Thermal water hydrolysis Biosolids Digester Reuse on land as Thermal soil products processes The Secret Science of Sewage – BBC Documentary available on YouTube Fearnley Securities' 7th Annual Renewables and Clean-Te
Slide 6: Highly attractive value proposition
Highly attractive value proposition Advantages of Cambi THP Economic impact Environmental impact Biosolids reduction up to 50% High biosolids quality Robust to regulatory changes Biogas yield increase up to 50% Digestion efficiency 3x increase Low carbon footprint Fearnley Securities' 7th Annual Ren
Slide 7: Cambi THP significantly reduces the volume of biosolids
Cambi THP significantly reduces the volume of biosolids. The high-quality product is safe for further handling. Biosolids with Biosolids with conventional treatment thermal hydrolysis treatment Up to 50% reduced volume × Limited sterilisation Guaranteed pathogen kill × Smelly Earthy odour × Ha
Slide 8: Thermal hydrolysis is suitable for all biosolids disposal routes
Thermal hydrolysis is suitable for all biosolids disposal routes Biosolids disposal routes Incineration Thermal treatment Drying Wastewater Biosolids solids Thermal hydrolysis Other thermal Agriculture Fearnley Securities' 7th Annual Renewables and Clean-Tech Conference 8
Slide 9: Standardised, modular, scalable THP systems
Standardised, modular, scalable THP systems B2 B4/B6 B12 Small projects Medium to large projects Largest projects 50-250,000 people 250,000 – 1 million people > 1 million people Delivered in one transport Delivered in modules Components assembled on site with eight truck transports Installat
Slide 10: Global presence. Solid track record of delivered projects.
Global presence. Solid track record of delivered projects. 92 THP reference sites 28 countries Fearnley Securities' 7th Annual Renewables and Clean-Tech Conference 10
Slide 11: Market penetration in Cambi's core markets shows global potential
The market penetration achieved in Cambi’s core markets shows the significant potential for our technology globally Share of population served by Cambi: Share of population served by Cambi: United Kingdom Norway 50 % 40 % Population: 68 million Population: 5.6 million Cambi references: 26 Cambi refe
Slide 12: Cambi acquired a majority stake in CNP CYCLES
Cambi acquired a majority stake in CNP CYCLES and considers making similar acquisitions in the future German-based company with solid track record • Founded in 2011, specialists in technologies and solutions that optimise sewage sludge treatment for wastewater treatment plants • Successful project d
Slide 13: Sound financial results generated in Q3 2025
Sound financial results generated in Q3 2025 Revenue and operating profit per quarter (2021-Q3 2025) NOK million 342 • Operating profit has Revenue increased alongside Operating profit 294 306 revenue growth 277 257 • Most investments in 238 235 234 increasing the size of the 225 210 216 organisatio
Slide 14: Cost base has increased but we expect stabilisation
Cost base has increased a lot from 2021-2022 levels, but we expect a stabilisation around current levels Cost base per quarter (2021-Q3 2025) NOK million • Materials, goods, and 271 services are variable Materials, goods, and services costs and related to cost Operating expenses 242 of products we s
Slide 15: Increasing number of THP project opportunities in the pipeline
Increasing number of THP project opportunities in the pipeline Investments in sales and marketing capabilities, including dedicated resources in new markets • With wider geographic reach, early-stage projects represent most of the recent growth • Early engagement with utilities and consultants is re
Slide 16: Two business segments
Two business segments Revenue development per segment NOK million Technology 1,033 977 Sales, R&D, Technology manufacturing and delivery Solutions of sludge treatment technology 740 733 458 440 Solutions 351 367 281 268 Services such as biosolids 269 206 191 disposal, soil production, annual 105 mai
Slide 17: New THP product – model E, started operations
New THP product – model E, started operations and is ramping up as planned Plant: Krogstad Biogassanlegg/ Miljøpark Client: Nedre Romerike Avløpsselskap (NRVA) Commissioned: 2025 NRVA is an inter-municipal wastewater utility serving urban areas in the Greater Oslo region • THP drivers: ensure effect
Slide 18: New configuration – model E – HT in SolidStream configuration
New configuration – model E – HT in SolidStream configuration Plant: Veas Renseanlegg Client: Veas Commissioning: 2027 Veas is Norway’s largest wastewater treatment facility, vital for maintaining the health of the Oslo Fjord • THP drivers: environmental sustainability and resource recovery • THP Mo
Slide 19: New THP product – model P in SolidStream configuration
New THP product – model P in SolidStream configuration Plant: Deurne-Schijnpoort Client: Aquafin Commissioning: 2025 Solids treatment centre for over 50 wastewater treatment plants • THP drivers: outdated, energy-intensive dryer • THP Model: B8-3 P (pressure-driven, no pumps) • Configuration: THP fo
Slide 20: Thank you!
Thank you! Cambi ASA Skysstasjon 11B 1383 Asker, Norway cambi.com
Cambi — Fearnley Securities' 7th Annual Renewables and Clean-Tech Conference 2025 on 6ix