Slide 1: Scaling a proven carbon-capture platform
Scaling a proven carbon-capture platform March 5, 2026 Q4 2025 business update
Slide 2: Disclaimer
Disclaimer 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 COLUMBIA, OR AUSTRALIA, C
Slide 3: Disclaimer
Disclaimer The distribution of this Company Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Company Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and
Slide 4: Presenters
Presenters: Wendy Lam Bjørn Kristian Røed Chief Executive Officer, Capsol Technologies Chief Financial Officer, Capsol Technologies
Slide 5: Q4 2025 highlights
Q4 2025 highlights Commercial momentum • Secured exclusivity for development of U.S. gas turbine project; pre-FEED started • Planning for first CapsolGo® campaign in the UK on a gas engine - mid year startup • High activity in U.S. with energy demand and European cement Partnering with industry • Ho
Slide 6: Licensor of point source carbon capture technology
Licensor of point source carbon capture technology Carbon capture and heat recovery in one system for energy production and hard-to-abate sectors Attractive capture cost USA: focus on gas turbines Europe: focus on cement 20-60% and biomass/EfW Lower than amines1 Demonstration hours >20,000 Ten campa
Slide 7: U.S. gas turbine market
U.S. gas turbine market
Slide 8: Low carbon gas opportunity in the U.S.
Low carbon gas opportunity in the U.S. Data center operators face Utilities face demand for growing community clean, reliable power pushback over water and power use IRA state incentives and 45Q remain Push for self-sufficient, water-free clean power Sources: 1) https://restofworld.org/2025/ai-data-
Slide 9: Low carbon gas opportunity in the U.S.
Low carbon gas opportunity in the U.S. Capsol gas turbine solution Push for self-sufficient, • Clean power water-free clean power • No water requirement • Generates extra electricity • Can be installed on the backend of an existing turbine • Capsol’s ongoing U.S. project is a major proof point on th
Slide 10: Maturing CapsolGT project for US utility
Maturing CapsolGT® project for US utility • Exclusivity signed with US utility to decarbonize existing power plant. • First phase: brownfield ≈25MW and project pre-FEED involvement from Siemens Energy as part of enhanced collaboration agreement. • Black & Veatch selected as EPC/Engineering contracto
Slide 11: Transformational opportunity set
Transformational opportunity set Ongoing project Next phase Establishing modular plant design for Establishing modular design for 55MW 25MW and beyond • Capsol has exclusivity to develop • Carbon capture for a ≈55MW the project through initial phases Siemens turbine • Carbon capture for a ≈25MW • An
Slide 12: Transformational opportunity set
Transformational opportunity set Broader opportunities Element Resources collaboration Capabilities from ongoing project to Access to low-carbon-power projects validate large scale roll-out for data centers • +1400 20-90MW simple cycle • Element Resources is a project turbines currently operational
Slide 13: European cement and Capsol
European cement and Capsol
Slide 14: Post combustion CCS competitive landscape
Post combustion CCS competitive landscape Amine Capsol HPC Cryogenic Solid sorbents Technology maturity1 Environmental profile Fit for Cement Fit for Biomass/EfW Fit for Open Cycle Gas Turbine Fit for Combined Cycle Gas Turbine Fit for Steel Industry evaluation Fit for Aluminum ongoing Fit for Chemi
Slide 15: Global cement market
Global cement market Regional overview1 Largest customer groups (top 10 + rest) Typical plant characteristics Region # facilities CO2 EUR potential Global market is fragmented, but 6-8 larger CO2 emissions range Europe ~360 120 mtpa 1.2–1.8bn players dominating North America between 500–900 kg per a
Slide 16: Cement is a key demand driver for Capsol in Europe
Cement is a key demand driver for Capsol in Europe with 8 mtpa of FIDs expected by 2030 “CCUS is effectively the only option for achieving significant reductions in emissions from cement production”1 Market drivers Capsol cement pipeline Capsol key value proposition • Meeting new regulations and • L
Slide 17: Holcim invests in Capsol following CapsolGo project
Holcim invests in Capsol following CapsolGo® project • Capsol fit for large-scale cement carbon capture documented through demonstration project • CapsolGo® campaign significantly derisking the technology for the cement industry • Holcim and Capsol on a non-exclusive basis to jointly scale CapsolEoP
Slide 18: Financials
Financials
Slide 19: Revenues driven by paid studies and CapsolGo
Revenues driven by paid studies and CapsolGo® F Amounts in NOK 1000 Q4 2025 Q3 2025 Q4 2024 2025 2024 Total operating revenue 10,136 19,186 36,090 70,652 94,161 A. Gross profit of NOK 4.1m compared to NOK 11.8m in Q3 driven by conclusion of CapsolGo® campaign in the middle of the quarter leading to
Slide 20: Cash flow development
Cash flow development Cash flow bridge NOKm • A challenging quarter led to NOK 23m negative cash flow from operating activities, mainly due to lower activity levels and one-off items primarily related to transaction and advisory costs 95 • Cash flow from investing activities positively impacted by c
Slide 21: U.S. project – Platform opportunity combining development value and infrastructure economics
U.S. project – Platform opportunity combining development value and long-term infrastructure economics Illustrative positioning within market ranges for comparable infrastructure projects • The project is expected to be executed through a development SPV structure with milestone-based payments and p
Slide 22: Accelerating platform-driven value creation
Accelerating platform-driven value creation
Slide 23: Partnership with Saipem strengthens execution capability
Partnership with Saipem strengthens execution capability and scaling of carbon capture Scaling through repetition Learning Stockholm • Partnership with leading EPC contractor enables delivery of full-scale carbon capture projects Exergi • Saipem is EPC on Stockholm Exergi – Partnership builds on wor
Slide 24: Partnerships enable full project realization and accelerate scaling
Partnerships enable full project realization and accelerate scaling CCUS 1. 2. 3. 4. 5. project CCUS feasibility and technology CO2 value chain Stakeholder, Business case & Project delivery and journey decision community, getting to FID operations permitting support Licensing, demonstration Connecti
Slide 25: Capsol transitioning from technology validation to execution and scaling
Capsol transitioning from technology validation to execution and scaling Technology development Execution platform in place • Preparations for market development • Liquidity runway secured • Holcim invests • Munters partnership v1 • U.S.-project to pre-FEED • Siemens Energy • Siemens Energy partners
Slide 26: Summary
Summary U.S. gas turbine project maturing; validating market fit and opportunity set Cement applicability validated by Holcim investment; high-value market Liquidity improved and strict cost focus Partnership ecosystem strengthened by Saipem and Siemens Energy Capsol set for inflection point and gro
Slide 27: Appendix
Appendix
Slide 28: Targeting the industries that matter
Targeting the industries that matter Mature pipeline at 22 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 11.0 mtpa 5.2 mtpa 1.5 mtpa 4.3 mtpa capacity Rev
Slide 29: Consolidated statement of profit and loss
Consolidated statement of profit and loss 29
Slide 30: Consolidated statement of financial position
Consolidated statement of financial position 30
Slide 31: Consolidated statement of cash flows
Consolidated statement of cash flows 31
Slide 32: 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