Slide 1: Unlocking low-carbon power and industrial decarbonization
Unlocking low-carbon power and industrial decarbonization May 13, 2026 Q1 2026 business update Image: Dyckerhoff/Capsol
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: Presenters
Presenters: Wendy Lam Bjørn Kristian Røed Chief Executive Officer, Capsol Technologies Chief Financial Officer, Capsol Technologies
Slide 4: Unlocking low-carbon power and industrial decarbonization
Unlocking low-carbon power and industrial decarbonization U.S. power and AI demand European decarbonization Unlocks scalable, dispatchable low-carbon power on gas Unlocks cost-efficient decarbonization in hard-to-abate sectors infrastructure Enables utilities to meet AI-driven power demand today and
Slide 5: Q1 2026 highlights
Q1 2026 highlights Commercial momentum • Pre-FEED ongoing for U.S. project; on schedule for FEED in Q4 • Demonstration campaign at Dyckerhoff launched in late Q1 • Uptick in customer inquiries, however decision-making remains slow Sharpened industry focus, • Multi-project approach with European ceme
Slide 6: Low-carbon power in the U.S.
Low-carbon power in the U.S.
Slide 7: Capsol performs best across all six criteria for quick deployment of low-carbon power
Capsol performs best across all six criteria for quick deployment of low-carbon power Regulatory Play Speed LCOE Proof points Scalability Low carbon backing Traditional Gas 2-4 years $ (CCGT) Gas + CCUS 2-4 years 2 $+ (OCGT) Renewables + 3 years $1 storage Gas + CCUS 3-5 years 2 $ (CCGT) BECCS 3-5
Slide 8: Gas turbines power the next wave of U.S. electricity demand
Gas turbines power the next wave of U.S. electricity demand Capsol’s strongest applications for decarbonizing gas turbine power across utilities, data centers, and pipelines Gas turbine applications in the U.S. Utility power and Midstream pipelines / Data centers open cycle O&G High-efficiency basel
Slide 9: Low carbon gas enabled by CCUS presents opportunity to produce more power in the near-term for U.S. utilities
Low carbon gas enabled by CCUS presents opportunity to produce more power in the near-term for U.S. utilities Low carbon gas opportunity in the U.S. Relevance of Capsol’s solution for U.S. utilities ▪ Source: GCCSI; Internal analysis; Company information ▪ U.S. utilities are entering a new growth cy
Slide 10: Additional power from Capsol's technology
Additional power from Capsol’s technology Can be used for CO2 compression and net power export to the data center or grid 1x 20 - 35 MW OCGT 1x ~50 - 60 MW OCGT 10x 20 - 35 MW OCGT 10x 50 - 60MW OCGT +56-90 +22-45 MW +5-8 MW +2 - 4 MW MW 110 000 – 140 000 225 000 – 285 000 1 100 000 – 1 400 000 2 25
Slide 11: U.S. project progressing to plan
U.S. project progressing to plan Project enablers Project status U.S. utility positioned to capture increasing data center power Dec 1 Capsol granted exclusivity to the project demand to drive revenues 25 Utilization of existing simple cycle turbine constrained by state Jan 2 Siemens Energy contribu
Slide 12: Decarbonizing industry in Europe
Decarbonizing industry in Europe
Slide 13: Cement market overview
Cement market overview Europe Largest market players in Europe Comments Current key cement market for Capsol In million of tonnes per annum of clinker capacity ▪ Concentrated market structure means Heidelberg securing a limited number of customers with 18% Holcim significant CO₂ volumes. 33% CRH Eur
Slide 14: Lower cost CCUS can enable increased competitiveness for cement producers
Lower cost CCUS can enable increased competitiveness for cement producers Cement profitability example before and after CCUS Unlocking margin expansion ▪ Product price premiums for low carbon cement enable by government Realized price procurement and other premium product providers Price premium ▪ L
Slide 15: Demonstration campaign underway at Dyckerhoff
Demonstration campaign underway at Dyckerhoff Campaign overview ✓ ▪ Progressing according to plan at Dyckerhoff's Geseke site ✓ ▪ Six-month duration, including liquefaction ✓ ▪ Dyckerhoff owned by Buzzi Unicem, the 4th largest cement producer in Europe Strategic significance ✓ ▪ Capsol's 10th demons
Slide 16: Cement is a key demand driver for Capsol in Europe
Cement is a key demand driver for Capsol in Europe Active cement projects2 Strategic validation from Europe’s leading cement producer Active cement projects: 11 mtpa across 12 sites mtpa # Sites 12 ▪ Projects with Holcim, SCHWENK, Dyckerhoff and others 11 11 11 ▪ Cement outlook is strengthening on t
Slide 17: Stockholm Exergi
Stockholm Exergi ▪ Project is progressing according to plan, with targeted start-up in 2028 ▪ Capsol supports the project with HPC technology, enabling [safe solvent] CO₂ capture of up to 800,000 tonnes annually at an urban biomass facility ▪ Saipem leads project execution as EPC contractor, includi
Slide 18: Capsol is positioned for a growing market
Capsol is positioned for a growing market mtpa CO2 capture capacity pipeline by expected start-up year Comments 250 Europe and North America ▪ The identified project pipeline suggests significant growth in operational CO₂ capture capacity toward 2030, reflecting the 200 number of projects currently
Slide 19: Financials
Financials
Slide 20: Cost discipline reflecting muted revenues
Cost discipline reflecting muted revenues Amounts in NOK 1 000 Q1 2026 Q4 2025 Q1 2025 A. Q1 revenues were impacted by lower CapsolGo® utilization versus Q4 and Total operating revenue 5,859 10,136 24,945 the same quarter last year, while Q2 will benefit from a full-quarter contribution from the Dyc
Slide 21: Balance sheet
Balance sheet Amounts in NOK 1 000 Assets Mar 31, 2026 Mar 31, 2025 2025 Non-current assets Total non-current assets 76,475 98,746 81,170 Current assets Other current assets 16,028 16,552 19,326 A. Capsol raised NOK 45 million from Holcim, primary insiders and the broader market in Q1, strengthening
Slide 22: Refinancing materially strengthens liquidity flexibility and debt profile
Refinancing materially strengthens liquidity flexibility and debt profile Amortization profile – before and after refinancing Comments Figures in NOK million Legacy Structure Amortization • The refinancing consolidates three existing debt facilities into a simplified Refinanced Structure Amortizatio
Slide 23: Revenue stack unlocked by higher OCGT utilization and 45Q support
Revenue stack unlocked by higher OCGT utilization and 45Q support Illustrative example: 62 MW turbine Revenue stream Annual volume Annual revenue 45Q tax credit USD 24-26m CO2 tax credits ~300,000 CO₂ U.S. federal tax credit per tonne of CO₂ captured and permanently stored CO₂ captured annually 94-1
Slide 24: Summary
Summary Capsol is unlocking low-carbon power and industrial decarbonization First commercial CapsolGT project for U.S. utility is proceeding to plan Multi-project approach gaining traction with leading cement producers Stockholm Exergi moving into execution as a landmark project for Capsol and the i
Slide 25: Appendix
Appendix
Slide 26: Consolidated statement of profit and loss
Consolidated statement of profit and loss 27
Slide 27: Consolidated statement of financial position
Consolidated statement of financial position 28
Slide 28: Consolidated statement of cash flows
Consolidated statement of cash flows - - - 29
Slide 29: 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