Slide 1: Scaling a proven carbon-capture platform
Scaling a proven carbon-capture platform November 11, 2025 Q3 2025 business update
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: Wendy Lam Jacob Clausen Krøvel Chief Executive Officer SVP Investment & Strategy Incoming CFO, Bjørn Kristian Røed, officially joining the team January 1 st
Slide 4: 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 5: Market catalysts accelerating CCUS adoption
Market catalysts accelerating CCUS adoption +23% ✓Expanding global pipeline of projects in early- and advanced development +12% ✓Impactful conversion from early- to advanced development, progressing towards construction ✓CCUS a needed decarbonization solution ✓ETS forecast to triple to EUR ~200/t in
Slide 6: Q3 2025 highlights
Q3 2025 highlights Momentum building • Projects progressing for first CapsolGT® for low-carbon gas power plant in the US across sectors • First studies in the lime and metals processing sectors and international waste management company • New CapsolGo® campaign for cement – several dialogues ongoing
Slide 7: Paving way for commercial scale CapsolGT for low-carbon power
Paving way for commercial scale CapsolGT® for low- carbon power • Progressing with US utilities paving way for commercial-scale CapsolGT® projects CapsolGT® • Project development approach – working with Captures CO2 while generating partners, investors to mature project additional electricity on ope
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: Increasing energy savings at higher CO2 concentration
Pillar 1: Cost leadership Increasing energy savings at higher CO2 concentration Electricity cost for fully electric capture solutions CO2 concentration in flue gas 5% 10% 15% 20% 25% Typical cement case € 60 € 50 54% reduction € 40 in electricity consumption1 Generic amine process € 30 € 20 EUR 19 s
Slide 10: Confidential
r capsol technologies
Slide 11: CO2 Capture Options for gas turbines
Pillar 1: Cost leadership CO2 Capture Options for gas turbines CAPEX (CCGT = 1x) LCOE (CCGT = 1x) 4.0x 400 Indicative Only Indicative Only 250 • Unabated CCGT’s generate more 350 electricity than OCGT’s with higher Lower 3.0x 300 2.0x 200 LCOE CAPEX 250 Lower 150 • OCGT + CapsolGT provides lower CAP
Slide 12: Winning in the industries that matter
Pillar 2: High-value verticals Winning in the industries that matter Mature pipeline up 46% y-o-y to 21.9 mtpa Building position as preferred provider Early traction in new industries Other: lime, pulp & paper, Cement Biomass + Energy-from-waste Gas turbines metals and refineries Project pipeline 11
Slide 13: CapsolGo positioning Capsol for leadership in the cement sector
Pillar 2: High-value verticals CapsolGo® positioning Capsol for leadership in the cement sector 8 mt of decarbonized cement p.a. by 2030 (target) • New CapsolGo® campaign signed for cement producer 5 month • Broad collaboration agreement with Holcim CapsolGo® campaign built on CapsolGo® complete • O
Slide 14: Scaling revenue as pipeline matures
Pillar 3: Capital-efficient scaling Scaling revenue as pipeline matures 11.5M mtpa in pipeline with Revenue potential 1 mtpa plant = EUR ~50-60 million FID potential in 2026-2028 • Targeting EUR 10-15 license fee per tonne EUR 1-5m (step 1-4) EUR 40m installed capacity EUR 10-15m • EUR 2+ service fe
Slide 15: From European frontrunner to global contender
Pillar 4: Geographic expansion From European frontrunner to global contender • Policy tailwinds driving European growth, +3 mtpa last twelve months (LTM) Sweden Norway (HQ) Germany • >40 leads in the US, with line of sight to USA deployment of CapsolGT® • Growing presence at international industry f
Slide 16: Ambition
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 17: Financials
Financials
Slide 18: Revenues driven by paid studies and CapsolGo
Revenues driven by paid studies and CapsolGo® Revenues mNOK 36 25 22 19 16 • Revenue of NOK 19 million in Q3 2025, slightly below Q3 2024 • Primarily driven by engineering studies and Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 CapsolGo® demonstration campaigns Operating expenses • Operating expenses we
Slide 19: Strengthened liquidity position during Q3
Strengthened liquidity position during Q3 Cash flow bridge NOKm 22 • Liquidity increased to NOK 78.3 million by end of Q3, up from NOK 67.5 million in Q2 31 ‒ The NOK 30.9 million Green Loan Facility secured with DNB in Q2 was disbursed in July ‒ EUR 2 million (NOK 22 million) private placement 37 t
Slide 20: Accelerating platform-driven value creation
Accelerating platform-driven value creation
Slide 21: 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 22: 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 23: Go-to-market strategy with Munters alongside equity
Go-to-market strategy with Munters alongside equity • Munters increasing its investment in Capsol with additional EUR 2 million, bringing the total investment to EUR 4 million • Capsol and Munters will deepen the relationship through a coordinated go-to-market strategy: ‒ Serve more projects with Ca
Slide 24: Strategic collaboration with Everllence
Strategic collaboration with Everllence • Joint cooperation to integrate Everllence compression and expansion equipment into CapsolEoP® • The ambition is standardized packages to simplify procurement, cut costs, and shorten project timelines • Expanded market reach through joint sales and growing pa
Slide 25: 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 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: Consolidated statement of profit and loss
Appendix Consolidated statement of profit and loss 28
Slide 29: Consolidated statement of financial position
Appendix Consolidated statement of finanical position 29
Slide 30: Consolidated statement of financial position
Appendix Consolidated statement of financial position 30
Slide 31: Consolidated statement of cash flows
Appendix Consolidated statement of cash flows 31
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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