Aker Horizons Asa · SWB:7QF
Aker Horizons Asa — Q1 2025 Earnings Presentation
28 slides from Aker Horizons Asa's earnings presentation, May 8, 2025
Slide 1: First-quarter results 2025
First-quarter results 2025 8 May 2025
Slide 2: Main developments
Main developments Aker Carbon Capture: First portion of NOK 3.5bn dividend paid to shareholders in Q1 • Net to AKH: NOK 1.26bn dividend received in March, NOK 0.26bn in May • Earn-out of NOK 71m related to Hafslund Celsio contract award paid by SLB • High commercial activity in SLB Capturi with seve
Slide 3: Aker Carbon Capture: Dividends received
Aker Carbon Capture: Dividends received Leading industrial partnership with SLB ACC ASA dividend of NOK 3.5bn May ’25 Dividend March ’25 Dividend 3.5 80/20 JV between SLB and Aker Carbon Capture 0.6 Strong backing by Aker Carbon Capture and SLB enabling global expansion with strategic entry in North
Slide 4: Mainstream Renewable Power
Mainstream Renewable Power
Slide 5: Mainstream Renewable Power South Africa – Continued progress on construction with Corporate PPA project
Mainstream Renewable Power Global pure-play renewable energy company Highlights • Chile - Andes Renovables platform (1.0 GW fully operational); commercial margin was affected by the nationwide blackout on February 25th and the subsequent precautionary reduction in transmission line capacity • Chile
Slide 6: Andes operational update
Andes operational update Andes commercial margin1 Andes quarterly commercial margin (EURm)2 • Overall results for the quarter ended broadly in line with target Tariff Stabilization Law reassessment • Margin declined compared to previous quarters, primarily due Commercial margin to a blackout in Chil
Slide 7: Construction update
Construction update Construction progressing toward COD targets 97.5 MW1, solar PV – Corporate PPA • Partnership between Mainstream Renewable Power (49%) and B-BBEE investors (51%) • November 2023: Financial close reached, supported by 20-year Corporate PPA with Sasol and Air Liquide • Commercial op
Slide 8: Development pipeline – Core growth markets
Development pipeline – Core growth markets Selected upcoming development project milestones South Africa Australia 100 MW1, solar PV - Vrede 533 MW2, onshore wind – Sunny Corner (51% MRP Ownership) • Targeting Renewable Energy Supply Agreements (RESAs) • Partnership with Someva Renewables • Financia
Slide 9: Asset Development
Asset Development
Slide 10: Aker Horizons Asset Development
Aker Horizons Asset Development Developing sustainable industrial assets Highlights • Exploring potential for data centers together with Nordkraft, leveraging the ready-to-build Kvandal site • Strong customer interest from data center players • NVE grid concession application for expansion of curren
Slide 11: Asset Development: Capitalize on Powered Land
Asset Development: Capitalize on Powered Land Aker Horizons Asset Development 9 highly attractive sites secured, strategically located close to power grid and logistic infrastructure Powered Land 80/20 partnership with regional utility Nordkraft Ready-to-build Kvandal site with 230 MW grid installed
Slide 12: Potential for data centers at Kvandal
Potential for data centers at Kvandal Aker Horizons Asset Development Potential to expand on Powered Land to build an integrated Leverage ready-to-build Kvandal site for green digital data center business infrastructure OPERATING DATA CENTRES BUILDING DATA SECURING GRID CENTRES ZONING CAPACITY SECUR
Slide 13: Narvik Green Ammonia
Narvik Green Ammonia Aker Horizons Asset Development Further progress dependent on grid award from Statnett Key information and updates – 430 MW / 350 ktpa green ammonia abating 500k tpa of CO2 – 10-year PPA with Statkraft and 250 MW grid reserved with Statnett. Additional 200 MW application submitt
Slide 14: Financials
Financials
Slide 15: AKH consolidated income statement Q1 2025
AKH consolidated income statement Q1 20251 Amounts in NOKm1 ACC MRP AAD Other & elim. Q1 25 Total Q4 24 Total2 Operating revenues and other income 0 631 6 6 643 639 Operating expenses -7 -735 -37 -25 -804 -727 EBITDA -7 -104 -31 -19 -161 -88 Depreciation, amortizations and impairments 0 -132 -1 -1 -
Slide 16: Net capital employed
Net capital employed Net capital employed1 Development in net capital employed Book value per share NOK NOK million, Q1 2025 NOK million, Q4 20242 to Q1 2025 1.3 3.0 0.8 0.3 0.8 6.2 -3.7 2.5 Net profit / loss AKH investment Dividends Other 4,294 5,970 34 568 195 573 2,060 2,587 -1,516 1,611 MRP excl
Slide 17: External financing and commitments
External financing and commitments Ongoing process to optimize overall capital structure Overview of debt financing facilities and commitments Debt maturities NOKm incl. PIK as of 31 March 2025 Total facility Debt Key terms as of March 31, 2025 incl. PIK Undrawn RCF Green bond Convertible bond Share
Slide 18: MRP Financing
MRP Financing DNB facility and new shareholder loan and letter of credit1 Additional support provided to MRP USDm EURm AKH commitment related to legacy DNB Additional support provided to MRP of up to Other shareholders Other Shareholders facility now phased. USD 75m drawn in April, EUR 45m in a shar
Slide 19: Liquidity and net interest-bearing debt
Liquidity and net interest-bearing debt Cash and undrawn RCF1 as of 31 March 2025 Net interest-bearing debt as of 31 March 2025 (Book value) NOK million NOK million 9,762 Undrawn RCF1 5,707 5,707 4,055 4,055 Interest- 6,642 2,587 bearing debt Cash Undrawn RCF2 Cash and undrawn RCF Debt3 Cash Net int
Slide 20: Q&A
Q&A
Slide 21: Appendix
Appendix
Slide 22: 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 23: Global pipeline of wind and solar assets
Global pipeline of wind and solar assets Pipeline reflects assets in development, construction and operation Capacity distribution by geography Europe Europe LatAm (2.4GW) Development 2.4 GW (3.5 GW) 10% Total net 2.4 GW 15% 23.2 20% APAC GW (4.5 GW) Asia Pacific Development 4.5 GW 54% Construction
Slide 24: Mainstream financial information
Mainstream financial information Amounts in EURm 2023 Q124 Q224 Q324 Q4243 20243 Q125 Key financial information • Mainstream’s income statement is reflective of the principal activities of development, Revenue 179 45 66 56 47 213 54 construction and operation of projects. EBITDA -138 -8 5 -14 -2 -20
Slide 25: Aker Horizons Asset Development financial information
Aker Horizons Asset Development financial information1 Amounts in NOKm 2023 Q124 Q224 Q324 Q424 2024 Q125 Key financial information • Income statement reflective of the key activities in the period Revenue 17 1 - 10 2 12 6 • Continuing to mature the projects in the pipeline EBITDA -223 -65 -36 -18 -
Slide 26: Sustainability
Sustainability Sustainability commitment across three core themes Alignment with international frameworks1 Environment • We develop green energy and green industry to accelerate the transition to Net Zero Social • We are dedicated to respect for human rights, and ensure diversity, inclusion and a se
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