Aker Horizons ASA · SWB:7QF
Aker Horizons ASA — Investor Presentation (January 2025)
29 slides from Aker Horizons ASA's investor presentation, Jan 9, 2025
Slide 1: Aker Horizons Company presentation
AKER HORIZONS Company presentation 9 January 2025 1
Slide 2: Disclaimer and important information
Disclaimer and important information THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNITED STATES AND THE DISTRICT OF
Slide 3: Agenda
1. Introduction to Aker Horizons Agenda 2. Financials 3. Appendix
Slide 4: Aker Horizons is a core part of Aker's portfolio strategy
Aker is an experienced issuer with significant assets under management Aker Horizons is a core part of Aker’s portfolio strategy NOK 66bn NOK 57bn Gross Asset Value Net Asset Value 70% listed assets and cash 67% NOK 7.9bn Ownership in Liquidity reserve incl. Aker Horizons1 NOK 0.7bn cash and liquid
Slide 5: Aker Horizons at a glance
Aker Horizons at a glance Developing green energy and green industry projects to accelerate the transition to Net Zero Active owner and developer of leading sustainable companies Diversified portfolio of industrial holdings • Established in 2020 as Aker Group’s spearhead to decarbonize industry on a
Slide 6: Active industrial ownership: Transactions
Active industrial ownership Focus on de-risking projects and capital recycling through farm-downs Overview of key milestones and transactions since inception Key highlights since 2021 Inception Established 1.27 GW in 97.5 MW solar 50 MW solar PV Narvik green South Africa PV to FID in reached FID in
Slide 7: Mainstream: A lean and focused IPP
Mainstream: A lean and focused IPP Focus on project execution and capital efficiency in three core markets Key highlights Focus on projects with short lead time to cash flow 6.7 GW 2.7 GW EUR 3.3bn Developed to Constructed and Of project financial close ready in construction finance raised Capital r
Slide 8: Proven track record of developing African renewables platform
Proven track record of developing African renewables platform Established success formula through the Lekela development, partnership and exit Mainstream South Africa pioneering aggregator model to Leveraging proven track record of building African pure-play accelerate MWs to FID renewable IPP Attra
Slide 9: 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 10: Realize Narvik Green Ammonia and leverage data center interest
Realize Narvik Green Ammonia and leverage significant data center Aker Horizons Asset Development interest in Northern Norway De-risking Narvik Green Ammonia through offtake to VNG Positioned to build a green digital infrastructure hub in Northern Norway Upper Kvandal Image by CTS Nordics Site entra
Slide 11: Aker Carbon Capture: Leading industrial partnership with SLB
Aker Carbon Capture: Leading industrial partnership with SLB SLB Capturi has three large scale carbon capture projects under commissioning 800,000 tn CO2 500,000 tn CO2 100,000 tn CO2 400,000 tn CO2 400,000 tn CO2 FEED contract per year mechanical per year mechanical per year mechanical FEED contrac
Slide 12: Agenda
1. Introduction to Aker Horizons Agenda 2. Financials 3. Appendix
Slide 13: Clear capital allocation strategy for sustainable growth
Clear capital allocation strategy for sustainable growth Key priorities to ensure capital efficiency and maintain a robust balance sheet Continued focus on cost reductions to ensure capital efficiency and maximize value creation New investments focused on Net Zero projects and companies with short l
Slide 14: LTV and asset backing
LTV and asset backing Attractive portfolio of listed and unlisted assets Net senior debt –7% of gross asset values excl. cash1 Gross asset values excl. cash1 split NOKbn NOKbn Other2 8% 6.6 0.6 Aker Horizons 17% Asset Development 1.1 38% -7% NOK 6.6bn 49% 3.3 25% 2.5 (2.9) 1.7 (0.4) NOK 1.7bn NOK 5.
Slide 15: External financing and commitments
External financing and commitments Aker Horizons has diversified access to capital Overview of debt financing facilities and commitments Debt maturities NOKm incl. PIK as of 31 December 2024 Total facility Debt Key terms Undrawn RCF Green bond Convertible bond Shareholder loan incl. PIK 8,398 Revolv
Slide 16: LTV and liquidity development
LTV and liquidity development Current LTV at -7% Liquidity development – cash and undrawn RCF LTV development1 NOKbn % 9.6 9.7 14% 14% 9.3 9.4 9.5 9.4 9.1 8.9 9.0 12% 12% 8.8 8.8 11% 5.4 5.5 3.8 3.5 -5% -6% -6% -7% -7% -8% -7% -10% -10% -11% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q
Slide 17: Summary
Summary Aker Horizons develops green energy and green industry projects to accelerate the transition to Net Zero De-risked strategy with focus on capital efficiency Favorable and stable long-term market fundamentals Significant asset backing underpinned by strong capital discipline Strong platform w
Slide 18: Agenda
1. Introduction to Aker Horizons Agenda 2. Financials 3. Appendix
Slide 19: Financial statements
Financial statements Aker Horizons and holding companies as of Q3 2024, NOK million Income statement Q3 2024 Balance sheet Q3 2024 Cash flow statement Q3 2024 Operating revenue (net) 19 Investments1 6,325 Cash flow from operating activities -44 Operating expenses -45 Current operating assets 297 EBI
Slide 20: Management & BoD
Management & BoD Management and key personnel Board of Directors Portfolio CEOs Lars Sperre Kristoffer Dahlberg Kristian Røkke Mary Quaney Chief Executive Officer Chief Financial Officer Chair (non-independent) Mainstream Group CEO Aker Horizons Asset Development Holger Dilling Øyvind Eriksen Knut N
Slide 21: Simplified corporate structure
Aker Horizons Simplified corporate structure Aker Capital AS 67.25% 32.75% Others Aker Horizons ASA 100% Aker Horizons Holding AS 100% 100% 49.95%1 100% 43.27% Aker MRP Holding AS Aker Horizons Aker Narvik Holding AS Asset Development 58.4% Aker Mainstream 20% 80% Aker Narvik AS SLB Capturi AS Renew
Slide 22: Aker Horizons' investments have high degree of alignment with the EU Taxonomy
EU Taxonomy Aker Horizons’ investments have high degree of alignment with the EU Taxonomy EU Taxonomy in brief Aker Horizons’ EU Taxonomy KPI alignment • The EU Taxonomy is an important tool in the EU • Aker Horizons’ investments have a high degree of alignment with the EU Taxonomy for Sustainable A
Slide 23: The Green Finance Framework
The Green Finance Framework The Green Finance Framework defines key environmental Use of proceeds categories to be financed under the framework • Proceeds from a Green Finance Instrument will be invested into companies and activities1 owned or controlled by Aker Horizons, which will drive accelerate
Slide 24: Sustainability
Sustainability Sustainability commitment across three core themes Environment Alignment with international • Aker Horizons shall contribute to a climate positive environment by working to commercialize standards and frameworks1 and scale climate solutions and contributing to the creation of new indu
Slide 25: 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 26: Mainstream financial information
Mainstream financial information Amounts in EURm Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Main developments Revenue 44 45 46 44 179 45 66 56 • Mainstream’s income statement is reflective of the principal activities of development, construction and operation of projects EBITDA (48) (30) (18) (43) (138
Slide 27: Aker Horizons Asset Development financial information
Aker Horizons Asset Development financial information1 Amounts in NOKm Q123 Q223 Q323 Q423 2023 Q124 Q224 Q324 Main developments Revenue 14 - - 2 17 1 1 10 • Income statement reflective of the key activities in the period • Continuing to mature the projects in the pipeline EBITDA (57) (63) (45) (58)
Slide 28: SuperNode: Next-generation superconducting cable systems
SuperNode: Enabling the transition with next-generation superconducting cable systems Grid infrastructure is the backbone of the energy system, and SuperNode’s superconductors is the perfect technology to it has become the bottleneck for the transition to renewables enable the electricity age Grid l
Slide 29: Aker Horizons
AKER HORIZONS